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Fixed-Rate Mortgage Cash-Out Refinance

Fixed rate for life of loan 

What is a cash-out refinance?

In simple terms, a cash-out refinance replaces your current mortgage with another loan that: 

  • Pays off your current mortgage balance.
  • Uses the equity in your home to provide additional funds for other purposes.

Fixed-rate mortgage

Features

Benefits 

  • Predictable monthly P&I payments allow you to budget more easily. 
  • Protection from rising interest rates for the life of the loan, no matter how high interest rates go. 
  • May be a good choice if you plan to stay in your home for a long time. 

Considerations

  • The overall interest you pay is higher on a longer-term loan than on a shorter-term loan. 
  • On a shorter-term loan, the monthly P&I payment is typically higher than on a longer-term loan. 

To help you determine whether a cash-out refinance may help you with your long-term home financing goals, contact your home mortgage consultant.

Let's look at your refinance goals and options together. Explore Options
Find a local consultant or call  1-877-937-9357

If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

Principal and interest (P&I)
The 2 main components of your monthly payment. The principal portion reduces your loan balance, while the interest is your cost for using the principal. Your monthly payments may include taxes and insurance in addition to P&I.