Cash-Out Refinance
Replace your current mortgage with a larger one and receive the difference in cash. It turns the equity you've built into funds.
Who it's for
- Homeowners funding a renovation or another large project
- People who want to pay off higher-interest debt
- Homeowners who would rather have one new mortgage than a second loan
Requirements at a glance
General information only. Eligibility, terms, and requirements vary by lender and borrower, and not everyone will qualify. This is not a commitment to lend.
Cash-Out compared with Rate & Term.
They share most of the process: both replace your current mortgage with a new one, involve closing costs and usually an appraisal, and review your credit, income, and home value. The big difference is cash.
| Cash-Out | Rate & Term | |
|---|---|---|
| Cash at closing | Yes. You receive the difference in cash | No cash taken out |
| Loan amount | More than you owe now | About what you owe now |
| Your home equity | Goes down, because you borrow against it | Stays about the same |
| Typical goal | Fund a project, pay off higher-interest debt, or cover a large expense | Lower your rate or payment, shorten your term, or drop mortgage insurance |
| Pricing and limits | Often priced a bit higher, with tighter limits on how much you can borrow | Often the more favorable terms |
Weighing both? See the Rate & Term page
Four steps. Zero guesswork.
Tell me your goals
A short, no-pressure conversation about what you want and your numbers.
I compare lenders
I look across lenders to find the best cash-out refinance option for your situation.
You apply, I run the file
One application. I manage the file and keep you updated.
Close with confidence
You know what to expect at every step, all the way to the keys.
Good to know.
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Ready to see what you qualify for?
It takes five minutes and a soft credit check. No obligation, no pressure, just a clear picture of your options.