For Homeowners
Explore What’s Next for the Home You Own
Planning improvements or reviewing your current financing? Let’s discuss refinance and home equity options, including the costs and tradeoffs.
What Options May Be Available?
Homeowners commonly explore these financing options. Which ones fit depends on your equity, credit, income, property, and goals.
Rate-and-Term Refinance
Replaces your current mortgage with a new loan to change the interest rate, the loan term, or both, without taking additional cash out.
Cash-Out Refinance
Replaces your current mortgage with a larger loan and pays you the difference in cash. It may be used for improvements, debt consolidation, or other goals.
Home Equity Loan or Line of Credit
A second mortgage that lets you borrow against your equity while keeping your current first mortgage in place.
Renovation Financing
Some programs may let eligible homeowners finance improvements based on the home’s expected value after the work is complete.
See more programs on the mortgage programs overview.
What Should You Weigh Before Deciding?
- Closing costs and fees compared with any monthly savings.
- How long you plan to keep the home and the loan.
- Whether a new loan term changes the total interest you pay.
- Whether you want to keep your current first-mortgage rate.
- The monthly payment you can comfortably afford.
Qualification Considerations
Eligibility depends on factors such as your available equity, credit, income, existing debts, occupancy, and the property’s appraised value. Requirements vary by lender and program, and approval is not guaranteed.
Frequently Asked Questions
- Does refinancing always save money?
- No. Refinancing involves closing costs, and the result depends on your new rate, loan term, and how long you keep the loan. Comparing the full costs matters.
- What is the difference between a cash-out refinance and a home equity loan?
- A cash-out refinance replaces your current mortgage with a new, larger loan. A home equity loan or line of credit is usually a separate second lien that leaves your first mortgage in place.
- Is my home at risk if I borrow against my equity?
- Your home secures the loan, so missed payments can put it at risk. It’s important to borrow an amount you can comfortably repay.
Let’s Talk Through Your Goals
With 25 years of mortgage experience, Lisa Stepp-Seritt helps homeowners compare options and understand the costs before moving forward.
This website provides general information about consumer and business-purpose mortgage financing. Some programs may be available only for investment or non-owner-occupied properties, while others may have personal occupancy requirements. Program availability, licensing, terms, documentation, and eligibility vary by lender, borrower, property type, occupancy, and state.
All mortgage financing is subject to credit review, income or asset verification when required, appraisal, title, insurance, lender guidelines, and final approval.
Lisa Stepp-Seritt, NMLS #680403
Mpire Financial, NMLS #2108504
Equal Housing Opportunity