Your equity is ready to work.
A cash-out refinance lets you access your home equity while replacing your existing mortgage. Use the funds for renovations, debt payoff, or other goals.
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Strong equity built in your home
Access cash without selling your home
Is this loan right for you?
A cash-out refinance replaces your existing mortgage with a new, larger loan and gives you the difference in cash. If your home has increased in value or you have paid down your balance, you may be able to access a significant amount of equity without selling. The funds can be used for home improvements, debt consolidation, education, investment, or any other purpose.
- Direct access to your officer
- Strong equity built in your home
- Access cash without selling your home
- Consolidate debt at mortgage rates
- Fund renovation or other major expense
- Credit score 620 or higher
- Income supports a new mortgage payment
Key benefits.
Lower interest rate than credit cards or personal loans in most cases
Funds can be used for any purpose including renovations, debt payoff, or investment
May allow you to consolidate high-interest debt into a single lower monthly payment
VA cash-out allows access up to 100% of equity for eligible veterans
Tradeoffs to understand.
- Your loan balance increases and your monthly payment may rise
- Closing costs apply, typically 2% to 5% of the loan amount
- Extending your loan term resets the clock on payoff unless you choose a shorter term
- Using equity for non-essential spending reduces your financial cushion
- If home values decline, a higher balance increases your risk of being underwater
Compare your options.
| Feature | Cash-Out Refinance | Home Equity Loan |
|---|---|---|
| Structure | Replaces existing mortgage | Second lien alongside existing mortgage |
| Rate type | Fixed or adjustable | Fixed |
| Access amount | Up to 80% of home value | Up to 80-85% of equity |
| Closing costs | Yes full refinance costs | Yes but typically lower |
| Monthly payments | One new mortgage payment | Two payments existing plus new |
| Best for | Rate improvement plus cash access | Keeping existing rate, need lump sum |
Structure
- Cash-Out Refinance
- Replaces existing mortgage
- Home Equity Loan
- Second lien alongside existing mortgage
Rate type
- Cash-Out Refinance
- Fixed or adjustable
- Home Equity Loan
- Fixed
Access amount
- Cash-Out Refinance
- Up to 80% of home value
- Home Equity Loan
- Up to 80-85% of equity
Closing costs
- Cash-Out Refinance
- Yes full refinance costs
- Home Equity Loan
- Yes but typically lower
Monthly payments
- Cash-Out Refinance
- One new mortgage payment
- Home Equity Loan
- Two payments existing plus new
Best for
- Cash-Out Refinance
- Rate improvement plus cash access
- Home Equity Loan
- Keeping existing rate, need lump sum
What happens next
If you use funds for home improvements, the increased value may further strengthen your equity position.
Debt consolidation through cash-out can simplify monthly payments and reduce total interest paid.
Monitor rates after closing. If rates drop significantly, a rate-and-term refinance may reduce your payment without additional cash out.
Consult a tax advisor. Mortgage interest on cash-out funds used for home improvements may be deductible.
Keep exploring
Explore related paths
HELOC
Prefer flexible access instead of one lump sum at closing? Compare cash-out with a HELOC.
Read guide →Home Equity Loan
Want to keep your current mortgage and borrow a fixed lump sum? See home equity loan options.
Read guide →All refinance options
Compare rate-and-term, cash-out, and home equity paths for your goals.
Browse refinance options →Refinance questions
Break-even timing, equity access, and what to expect when you refinance.
Browse refinance FAQ →Common questions, plain answers.
Most lenders allow you to borrow up to 80% of your home's appraised value minus your existing mortgage balance. If your home is worth $400,000 and you owe $200,000, you could potentially access up to $120,000.
Questions about rates or payment?
Ready to put your equity to work? See your options in minutes.
No credit pull to get started. We compare your options and explain the tradeoffs.
5.0 Google Rating
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NMLS #2620605
Equal Housing Lender
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