Cash-Out Refinance
Refinance your mortgage and take out equity as cash at closing, rolled into a single new loan.
- Convert home equity into cash at closing
- Replaces your existing mortgage with one new loan, at a new rate and term
- Available on conventional, FHA, and VA financing
- Funds can be used for any purpose — renovation, debt consolidation, investment
- Maximum cash-out amount depends on your loan type and resulting loan-to-value
Ask About Cash-Out
A cash-out refinance replaces your mortgage entirely and hands you the difference between your new loan and what you owed, in cash at closing. It’s a straightforward way to convert equity into usable funds, at the cost of resetting your loan to a new rate and term.
Who This Is For
- Homeowners with significant equity who want funds for renovation or other use
- Borrowers consolidating higher-interest debt into their mortgage
- Investors pulling equity from one property to fund another purchase
Cash-Out FAQs
How much cash can I take out?
It depends on your loan type and the resulting loan-to-value ratio — conventional and FHA typically cap around 80%, VA allows more for eligible borrowers.
Does cash-out refinancing change my interest rate?
Yes, your entire loan is replaced with a new one at current market rates, which may be higher or lower than your existing rate.
Is cash-out refinance interest tax-deductible?
It depends on how the funds are used — consult a tax professional, since deductibility rules differ for home improvement versus other uses.
Related Resources
Ready to Talk Through Cash-Out?
Tell us about your situation and we'll tell you honestly what it will take to qualify.
