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Mortgage Refinance

Mortgage refinance

Cash out refinance vs. Current HELOC rates

With a mortgage refinance, you will pay off your current loan and replace it with a new loan.  Check out our Blog on HELOCs.

A Mortgage Refinance has several advantages.  It could lower the interest rate or monthly payment, shorten your term, consolidate debt, or help pay emergency medical bills. 

A Mortgage Refinance also comes with closing costs but there are usually low or no cost options available. Contact a licensed loan officer with Par 4 Mortgage to review the pros and cons of a cash out refinance.

Simply put, a HELOC operates like a credit card. You can borrow money up to a certain credit limit and then pay back that amount with interest. This option usually comes with rates and terms much better than a credit card. Ask us about today’s HELOC rates.

A HELOC is a revolving or open-end line of credit where you can keep withdrawing cash up to a pre-agreed limit. A HEL is a term loan where the lender pays the borrower a lump sum which must pay it back over a fixed term.

What are 30 year mortgage rates today? For a free mortgage rate calculator click here.

What a refinance can do for you:

Mortgage Refinance Options

Cash-Out Refinance

The cash out refinance option, allows you to take cash out of your home equity. A cash-out refinance is different from the standard rate and term refinance, where the borrower does not get additional money.  

One alternative to a refinance.  A home equity line of credit allows homeowners to borrow money against the equity in their home. Lenders create a lien against your home, similar to a first mortgage. Get funds as needed and make payments only on the amount borrowed.

What is a HELOC? Simply put, a HELOC operates like a credit card. You can borrow money up to a certain credit limit and then pay back that amount with interest. This option usually comes with rates and terms much better than a credit card.


How can I use my HELOC cash? Take funds out of your home equity for renovations, debt consolidation, investments, funding a bill such as an unexpected medical procedure, purchasing a vehicle, funding a child’s college tuition, climbing Mt. Everest, your new boat or RV.

Are there any alternatives to a HELOC? Yes, the HEL or Home equity loan is one option. HELOCs and Home Equity Loans (HELs) are both varieties of home equity loans, with some differences between them.


A HELOC is a revolving or open-end line of credit where you can keep withdrawing cash up to a pre-agreed limit. A HEL is a term loan where the lender pays the borrower a lump sum which must pay it back over a fixed term. Be aware these two products are quite different.

Contact Par4mortgage.com today for more information. We will review which option is better for you.

Rate and term refinance

A rate and term refinance will pay off your current loan and replace it with a new loan, but without no cash out. You can consolidate debt, reduce your rate and payments without the rate hit like a cash out refinance.

Mortgage refinance - Cash out refinance

What is the current rate for mortgages? Need our free mortgage loan calc? Get in touch!

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