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Here’s what you need to know about the differences between a cash-out refinance and a rate-and-term refinance:

1. Typically, when interest rates fall below your current mortgage rate, you may begin to consider refinancing. A refinance allows you to replace your current mortgage with a new mortgage that has updated terms. Cash-out and rate-and-term refinancing are two common refinancing options.

2. A rate-and-term refinance allows you to replace your current mortgage with a new mortgage at a different rate, and/or term, and the size of your mortgage remains the same.

3. A cash-out refinance allows homeowners to access their home equity as cash, in addition to replacing their current mortgage with a new one.

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