Cash-Out Refinance
Turn Available Home Equity Into Cash
A cash-out refinance replaces your existing mortgage with a new loan and may allow you to access a portion of your available home equity in cash.
This can be useful for major home improvements, debt consolidation, large expenses, or other financial goals, depending on your equity, qualifications, and overall loan structure.
Cash-out refinance eligibility, available equity, loan-to-value limits, credit requirements, interest rates, closing costs, and loan terms vary by lender and borrower scenario.
How a Cash-Out Refinance Works
Equity & Property Review
The lender reviews your home value, current mortgage balance, available equity, and property profile to determine how much cash may be available.
Borrower Qualification
Your credit, income, debts, assets, and overall financial profile are reviewed to determine whether you meet the lender’s cash-out refinance guidelines.
New Loan Structure
The new mortgage replaces your existing loan with a larger loan amount, subject to available equity, qualification, and program guidelines.
Closing & Funds Disbursement
At closing, the new mortgage pays off your existing loan. Any eligible cash proceeds are disbursed according to applicable funding and timing requirements, and the new mortgage is repaid under its new loan terms.
Cash-Out Refinance Requirements to Expect
Available Home Equity
The lender evaluates your property value and existing mortgage balance to determine whether sufficient equity is available for a cash-out refinance.
Credit & Income Review
Your credit profile, income, debts, and ability to repay the new mortgage are reviewed as part of the qualification process.
Appraisal & Property Guidelines
The property may require an appraisal or other valuation, and the home must meet applicable program and lender requirements.
Loan-to-Value & Closing Costs
Maximum loan-to-value, cash-out limits, closing costs, and available loan terms vary by loan program and lender.
Could a Cash-Out Refinance Help You Reach Your Goals?
Related programs: refinance and home equity options | rate/term refinance | home equity loan
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