Whenever Are Property Security Mortgage A good choice? Home guarantee finance aren’t the only ways you might borrow against your property equity. You may also will obtain the currency you need thanks to a funds-away re-finance . If you are home equity loans allow you to sign up for an extra mortgage at your residence, cash-aside refinances replace your no. 1 financial . Unlike getting an alternative loan, the remainder balance of your own primary home loan is actually paid back and folded on an alternative financial who’s got a unique term and you will rate of interest.