Cash-Out Refinance

Benefits of a Cash-Out Refinance

Access to low-cost funds

Mortgage rates are typically far cheaper than credit-card, personal-loan, or student-loan rates, making it an efficient way to finance renovations, tuition, or debt consolidation.
One monthly payment

Replacing multiple debts with one mortgage can simplify budgeting and may boost your credit score if high-interest balances are cleared.
Flexible terms

Choose from 10- to 30-year fixed or various ARM products and decide how much equity to leave untouched.
No private mortgage insurance

No private mortgage insurance (PMI) if you stay at or below 80% LTV on a conventional loan!
Roll closing costs into the loan

Borrowers often finance lender fees, escrows, and per-diem interest instead of paying out of pocket.

Disclaimer: Eligibility, programs, rates, terms and conditions are subject to change without notice. Credit and collateral are subject to approval. By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Frequent Questions Cash-Out Refinance

How much cash can I actually get?

Take your home’s appraised value, multiply by the program’s max LTV (e.g., 80 %), then subtract your current mortgage payoff and any financed costs. The remainder is yours.

Does my rate go up with a cash-out refi?

Often yes. Conventional cash-out pricing includes “loan-level price adjustments,” so expect a rate roughly 0.125–0.375 percentage points higher than a no-cash-out refi—larger spreads for high-LTV or lower-credit files.

What can I use the money for?

Anything: remodeling, college tuition, medical bills, starting a business. Lenders don’t track the funds after closing.

Will I need mortgage insurance?

Only if the new LTV exceeds 80 % on a conventional loan; FHA loans always carry annual mortgage-insurance premiums, and VA loans never charge monthly MI.

Find Out More

Interested in a Cash-Out refinance loan? Submit your information.

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Cash-Out Refinance Loans