Free Equity Tool
HELOC vs Cash-Out Refinance (Worksheet)
If you have a low first mortgage, a cash-out refinance can be expensive. This worksheet helps you compare options based on your goals and timeline.
Quick decision guide
HELOC tends to fit when…
- • You want flexibility (draw as needed)
- • You want to keep a low first mortgage
- • You’re funding renovations over time
- • You want a reserve line “just in case”
Cash-out tends to fit when…
- • You need one lump sum
- • You prefer fixed pricing/payment
- • You’re replacing a higher-rate first anyway
- • You want one combined loan
Educational tool only. Exact terms depend on credit, equity, property type, and lender.
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