A refinance with cash out is an alternative to a home equity loan, also known as a “second mortgage,” because it’s a lien on your home like your existing mortgage.

A cash-out refinance comes with closing costs comparable to your first mortgage. You may also be eligible for a Smart Refinance, another cash-out refinance option with a no-closing-cost option.

If you have an existing VA-backed home loan and you want to reduce your monthly mortgage payments—or make your payments more stable—an interest rate reduction refinance loan (IRRRL) may be right for you. Refinancing lets you replace your current loan with a new one under different terms.

The FHA Streamline Refinance program is extremely helpful because it allows homeowners the opportunity to refinance an existing FHA loan to a lower rate more quickly. This helps you to avoid a lot of paperwork, and possibly avoid appraisals. The Streamline option saves borrowers time and money!