Find the equity option that fits your plans.
A HELOC leaves your current mortgage untouched. A cash-out refinance replaces it with one new loan and one payment.
Fill out the form below and a Movement loan officer can walk you through both options for your home and your goals, so you can see what each one means for your monthly payment.
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- You have a mortgage rate you want to keep
- Your costs will come in stages, like a home renovation or tuition
- You want funds available without borrowing them all at once
- Today’s rates are close to or lower than your current rate
- You know how much you need and want it all at closing
- You want a fixed rate and a single monthly payment
HELOC
- Your current mortgage: stays as it is
- How you get the money: A credit line you draw from as needed
- Rate: typically variable
- What you pay interest on: only what you draw
- Monthly payments: Your mortgage payment plus HELOC payment
Cash-Out Refinance
- Your current mortgage: replaced with a new loan
- How you get the money: one lump sum at closing
- Rate: typically fixed
- What you pay interest on: the full new loan amount
- Monthly payments: one payment
*Disclaimer : Borrower must meet all income, credit, property and underwriting requirements. Additional restrictions apply. This is not a commitment to lend. By refinancing your existing loan, your total finance charges may be higher over the life of the loan.