Rate-and-term
Change the rate, term, or loan structure without primarily using the transaction to extract equity.
Refinance options
Choose the refinance structure based on the problem you are trying to solve.
Refinancing can reduce payment, shorten term, change loan type, remove certain mortgage insurance, restructure debt, or access equity. Those are different goals and should be analyzed differently.
Cash-out
Replace the existing mortgage with a larger loan and access eligible equity as cash.
VA IRRRL
Eligible VA borrowers may use a streamline refinance when applicable requirements are satisfied.
VA cash-out
Eligible veterans may be able to refinance and access equity under VA cash-out rules.
Break-even
Compare transaction costs with monthly savings and expected time in the loan.
Long-term impact
Review future balance, total interest, term, and equity rather than focusing only on the new payment.
Casas Equity