A cash-out refinance replaces debt. A second-position loan adds debt behind an existing first mortgage. Start by writing down what you owe and what the new funds need to do.
What changes with a refinance?
The new loan pays off the existing debt included in the refinance. Review the cash left after payoffs and costs, the new payment, and the due date. A familiar rate alone does not tell you whether replacement makes sense.
What changes with a second loan?
The first mortgage remains part of the picture. Check its terms, any consent requirements, and the combined payments. Ask how both balances will be repaid.
What should you compare side by side?
- Net cash available after costs.
- Total payments and interest over the planned hold.
- Fees and early-payment terms on both loans.
- Due dates and the risk of a delayed sale or refinance.
How does Grand Funding handle the request?
24-hour term sheet. Close in 3-12 business days. Confirm the schedule and conditions for the specific request. Credit, income, experience, and documentation requirements are determined after review of the specific transaction.
See second-position financing and cash-out refinancing, then ask Logan what can be reviewed for your property.