brian
the home loan guy

A cash-out refinance is a loan where you refinance your current loan balance and existing mortgage rate, to include the amount of cash you would like to take out, at current market rates. This is a new loan allows homeowners to borrow up to 80% of the value of their home. The cash-out refinance loan will have a new mortgage rate that may be higher or lower than your existing mortgage rate. This loan can be useful if you need funds for expenses like home improvements, debt consolidation, or other financial needs.

An Equity Line of Credit, often referred to as a Home Equity Line of Credit or (HELOC), is a type of revolving credit line that allows homeowners to borrow against the equity in their home, without having to refinance their first mortgage. The monthly payment is based on what you use, not the available credit line. This loan can be useful if you need funds for expenses like home improvements, debt consolidation, or other financial needs.