---
title: "Choose purchase, refinance, cash-out, or comparison"
description: "Choose the transaction goal first so the preliminary check asks for the relevant financial information. ## Purchase Use the purchase path for a property you are considering buying. Prepare the expected price, available down payment, intended rental use, and income…"
url: "https://www.shorttermrentaladvisory.com/docs/choose-purchase-refinance-or-cash-out/"
updated: "2026-10-06"
category: Getting Started
---

# Choose purchase, refinance, cash-out, or comparison

Choose the transaction goal first so the preliminary check asks for the relevant financial information.

## Purchase

Use the purchase path for a property you are considering buying. Prepare the expected price, available down payment, intended rental use, and income assumptions. Compare total cash required as well as payment.

## Rate-and-term refinance

Use this path to evaluate replacing an existing loan. Prepare the current value, balance, payment, rate, and any prepayment terms. Compare the new closing costs and payment with the remaining economics of the current loan.

## Cash-out refinance

Use cash-out when evaluating how much equity may be released. The new loan must first cover the existing payoff and transaction costs. Estimated cash out is different from total new loan proceeds.

## Compare properties

Use comparison when researching several purchase opportunities. Keep the financing assumptions and expense treatment consistent so the results explain the property differences.

## Related help

- [Compare several properties](https://www.shorttermrentaladvisory.com/docs/compare-several-properties/)
- [Estimate cash out and retained equity](https://www.shorttermrentaladvisory.com/docs/estimate-cash-out-and-retained-equity/)

[**Analyze a Property**](https://app.shorttermrentaladvisory.com/investor/check-options) · [Contact STR Advisory](https://www.shorttermrentaladvisory.com/contact/)

Property and financing outputs are preliminary estimates, not an approval, rate lock, commitment, or guarantee. Eligibility and final terms require professional review and lender underwriting.