Review some of the financial options available to you below. At Buy With Byron, we will help you determine what is the best loan option for you based on your needs and goals.
A HELOC (pronounced HEE-lock) is a Home Equity Line of Credit. It's a way to borrow money using your home as collateral.
A rate-and-term refinance is a type of mortgage refinancing where you replace your current mortgage with a new one that has different terms, such as a lower interest rate, a shorter or longer loan duration, or a different type of loan.
A cash-out refinance is a type of mortgage refinancing where you replace your current mortgage with a new, larger mortgage and receive the difference in cash. This allows you to tap into the equity you've built in your home without selling it.
A streamline refinance is a type of mortgage refinance program designed for homeowners with government-backed loans, like FHA or VA loans, to easily secure more favorable terms on their mortgages. It's characterized by its simplified process and reduced documentation requirements compared to traditional refinancing.
Check out some of the more frequently asked questions from borrowers like yourself. –>
A cash-out refinance lets you replace your current mortgage with a new, larger loan and receive the difference in cash, using your home equity. A rate-and-term refinance changes your interest rate, loan term, or both—without taking out extra cash.
A HELOC (Home Equity Line of Credit) is a revolving line of credit based on your home equity. You can borrow as needed and pay interest only on what you use. A traditional refinance replaces your existing mortgage with a new one, often to lower your interest rate, change your term, or get cash out in a lump sum.
A streamline refinance is designed for certain government-backed loans like FHA, VA, or USDA. It has simplified requirements, such as minimal paperwork, no home appraisal in some cases, and faster processing. Homeowners with a good payment history on their current loan typically qualify.
Refinancing can cause a temporary dip in your credit score due to the lender’s hard inquiry and the creation of a new loan account. However, if refinancing lowers your payments or shortens your loan term, it may help improve your credit over time by making your debt easier to manage.
Choosing the right refinance option depends on your goals. If you want lower payments, a rate-and-term refinance may help. If you need a lump sum for major expenses, consider a cash-out refinance. If you want flexible borrowing for projects over time, a HELOC may be a better fit. If you have an FHA or VA loan and want a fast, low-hassle process, look into a streamline refinance.
