Turn Your Home Equity Into Cash
Access the equity you've built for renovations, debt consolidation, or major expenses, at rates lower than credit cards or personal loans.
What Is a Cash-Out Refinance?
A cash-out refinance replaces your current mortgage with a new, larger loan. The difference between your old loan and new loan is paid to you in cash.
Example:
- Current loan balance: $200,000
- Home value: $350,000
- New loan amount: $280,000 (80% of home value)
- Cash to you: $80,000 (minus closing costs)
You can use this cash for anything: home improvements, debt consolidation, college tuition, emergency fund, investments: it's your equity.
Why Do It
Why Cash-Out Refinance?
The Cash-Out Refinance Process
What You Need to Qualify
Cash-Out vs. Other Options
Which is right for you? We'll help you compare options based on your goals.
Is Cash-Out Right for You?
Good fit if:
- You have 30%+ equity in your home
- You need a lump sum for specific purpose
- You can get a rate similar to or better than your current rate
- You're consolidating high-interest debt
- You plan to stay in your home 3+ years
Not a good fit if:
- You have less than 20% equity remaining after cash-out
- Your current rate is much better than new rates
- You're moving soon
- You're using cash for frivolous spending
Cash-Out Refinance Questions
Most lenders allow up to 80% loan-to-value, meaning you need 20% equity remaining. Some programs (like VA) allow higher.
Cash-out refis sometimes have slightly higher rates than rate-and-term refis (typically 0.25-0.50% higher).
Interest may be tax-deductible if funds are used for home improvements. Consult your tax advisor for specifics.
Anything. Most people use it for home improvements, debt consolidation, education, or investments.
Typically 30-45 days from application to closing.
Yes, though requirements are stricter (higher down payment, better credit, more reserves).
Access Your Home Equity Today
See how much you can cash out and what your new payment would be.