Tap your equity and keep your first mortgage in place

A cash-out refinance pays off your first mortgage and replaces it with a new, larger loan, so your whole balance moves to today's pricing. A fixed second leaves your first mortgage alone and adds a separate loan for the cash only. When your first mortgage has a rate you want to keep, a second is often worth pricing first. We can run both side by side.

A fixed second pays one lump sum at closing and is repaid with a fixed rate and a fixed payment. A HELOC is a revolving line you draw on as needed, with a rate that is usually variable and a draw period followed by a repayment period. A fixed second suits one known cost, while a HELOC suits expenses that come in stages.

It depends on your home's value, your first mortgage balance, your credit and your income. Lenders cap how much total debt can be secured by the home, counting the first mortgage and the new second together, and those caps vary by lender, occupancy and property type. We compare lenders to find the amount that fits your plans.

Often, yes. Some second mortgage lenders accept bank statements or a profit and loss statement instead of tax returns, much like our non-QM first mortgage programs. Pricing and equity requirements may be stricter than with full documentation. We compare lenders that offer alternative income options and match your file to the one whose rules fit how you earn.