Rate-and-term vs. cash-out
Rate-and-term replaces the current first lien to change rate, term, or drop mortgage insurance once equity supports it. Cash-out pulls equity for a remodel, debt consolidation, or reserves. Those two files price differently: cash-out often has a pricing adjustment, a lower maximum LTV, and a seasoning look-back on recent cash-out activity.
What we compare that a retail desk skips
Two lenders can quote the same note rate with different credits, different lock periods, and different appraisal waivers. Conventional, FHA streamline, VA IRRRL, and a full VA or conventional cash-out are not interchangeable. We will not sell you a “no-cost” refinance that is simply a higher rate with the fee buried.
Break-even is months, not slogans. If you are selling in 18 months, a refinance that looks cheap on a flyer can still lose. Education first means we will tell you not to refinance.
Occupancy and title in Oregon and Washington
Primary residence, second home, and investment property each have their own LTV and reserve rules. Oregon and Washington title, homestead, excise, and property-tax impounds show up on the Closing Disclosure. We work those with your title company instead of surprising you three days before funding.