Cash-Out Refinance
"Tap your equity for what matters."
Access your home equity as cash. Use it for debt consolidation, home improvements, investments, or any purpose.
Home equity required
Min Down
620+
Min Credit
Up to 80% LTV
Max Loan
Is This Loan Right for You?
This Loan is Perfect If You...
- Significant home equity (20%+)
- Need a lump sum of cash
- Want to consolidate high-interest debt
- Prefer a fixed interest rate
- Planning home improvements or major purchases
This Might NOT Be Right If...
- Little to no home equity
- Just need occasional access to funds (consider HELOC)
- Planning to move soon
- Current rate is already very low
Cash-Out Refinance Benefits
Everything you need to know about your benefits
Debt Consolidation
Pay off high-interest credit cards and loans with a lower fixed rate
Home Improvements
Invest in your home and potentially increase its value
Fixed Rate Security
Lock in a predictable payment, unlike variable HELOCs
Any Purpose Use
Use funds for education, investments, emergencies, or business
Single Payment
One mortgage payment instead of multiple debts
Potential Tax Benefits
Interest may be tax-deductible for home improvements
How It Works
Your path to homeownership in just a few simple steps
Check Your Equity
Estimate your home value minus your current mortgage balance to see available equity.
Determine Your Needs
Decide how much cash you need and what you will use it for.
Get Pre-Approved
Submit your application to lock in your rate and terms.
Appraisal & Underwriting
We verify your home value and finalize the loan details.
Check Your Equity
Estimate your home value minus your current mortgage balance to see available equity.
Determine Your Needs
Decide how much cash you need and what you will use it for.
Get Pre-Approved
Submit your application to lock in your rate and terms.
Appraisal & Underwriting
We verify your home value and finalize the loan details.
Close & Get Funded
Sign your new loan documents and receive your cash at closing.
See How Much Cash You Could Access
Example based on $500,000 home value
$500,000
-$300,000
$200,000
40% of home value
Based on 80% Maximum LTV
Cash You Could Access
New loan amount: $400,000
Cash to You
~$100,000
Final cash amount will be reduced by closing costs (typically 2-5%)
Cash-Out Refinance vs HELOC: Which Is Right for You?
| Feature | Cash-Out Refi(This loan) | HELOC |
|---|---|---|
| Loan Type | New first mortgage | Second lien |
| Interest Rate | Fixed rate | Variable rate |
| How You Access Cash | Lump sum at closing | Draw as needed |
| Payment Structure | Principal & Interest | Interest on balance drawn |
| Best For | Large one-time expense | Ongoing/flexible needs |
* Rates and terms subject to change. Contact us for current offers.
Frequently Asked Questions
Common questions about Cash-Out Refinance
Last updated:
How much cash can I take out with a cash-out refinance?
You can typically borrow up to 80% of your home's value, minus your current mortgage balance. For example, if your home is worth $500,000 and you owe $300,000, you could potentially access up to $100,000 in cash (80% of $500K = $400K, minus $300K owed = $100K).
What can I use cash-out refinance money for?
You can use the funds for any purpose: debt consolidation, home improvements, college tuition, investments, starting a business, emergency funds, or major purchases. Unlike some loans, there are no restrictions on how you use the cash.
Is a cash-out refinance better than a HELOC?
It depends on your needs. A cash-out refinance is better if you need a lump sum, prefer a fixed rate, or want one payment. A HELOC is better if you need ongoing access to funds, want flexibility, or prefer to draw only what you need when you need it.
- Most lenders require a minimum credit score of 620, though higher scores (680+) will qualify you for better rates. VA loans may accept lower scores, and jumbo cash-out refinances typically require 700+.
- The process typically takes 30-45 days from application to closing, similar to a regular refinance. This includes the appraisal, underwriting, and closing process. We can often expedite this timeline.
- Cash-out refinances typically have slightly higher rates (0.125-0.25%) than rate-and-term refinances because they represent slightly more risk to lenders. However, rates are still typically much lower than credit cards, personal loans, or HELOCs.
Get Rate Drop Alerts
We'll notify you instantly when rates drop to your target.
Access Your Home Equity Today
Get a free quote and see how much cash you could access.
Or call us directly: (757) 558-2603