Put the equity you've built to work — in one new loan.
A cash-out refinance replaces your current mortgage with a larger one and hands you the difference in cash. It's a way to pay for a remodel, clear high-interest cards, or cover tuition — while leaving a healthy equity cushion in the home. We run the break-even before you sign, in English or Spanish.
Who this is for
- Homeowners with real equity who need cash for a big remodel or repair
- Families rolling high-interest credit cards into one lower payment
- Parents covering tuition or a major family expense
- Owners who'd rather not add a separate second loan or HELOC
How it works
Add up your equity
We start with your home's current value and what you still owe. The gap is your equity — and most lenders let you borrow against it while keeping about 20% untouched.
Set the cash you need
Tell us the goal — remodel, debt payoff, tuition — and we size the new loan around it, so you're not borrowing more than the job calls for.
Compare the trade-off
A bigger balance means a new payment. We show the rate, the payment, and how it stacks against a rate-and-term refinance or a HELOC so the choice is clear.
Lock and get your funds
Once the numbers make sense, we lock the rate, handle the appraisal and underwriting, and the cash reaches you after closing.
Cash in hand
Draw on years of equity for a remodel, tuition, or a business need — as a single lump sum after closing.
One payment, not two
Unlike a second mortgage or HELOC, a cash-out folds everything into one loan and one payment.
An equity cushion stays put
Most lenders cap the loan so you keep roughly 20% equity — your home isn't stretched to the limit.
Often cheaper than card debt
Mortgage rates usually beat credit-card rates, so consolidating can lower what you pay in interest.
Today's sample cash-out refinance rates
Common questions
What is a cash-out refinance?
It's a refinance that pays off your current mortgage with a new, larger loan — and the difference between the two comes back to you in cash at closing. You end up with one loan, one payment, and money in hand from the equity you've built. It's not a second loan on top of your mortgage; it replaces it.
How does a cash-out refinance work, step by step?
First, an appraisal establishes your home's current value. Then the lender approves a new loan — usually up to about 80% of that value — that pays off your old mortgage in full. Whatever is left over, minus closing costs, is wired to you after closing. From then on you make one payment on the new loan. Start to finish usually runs 30 to 45 days.
How do I pull money out of my house?
The two most common ways are a cash-out refinance and a home equity loan. A cash-out replaces your mortgage with a larger one and hands you the difference — best when today's rates are close to what you're already paying. If your current rate is low and you don't want to give it up, a home equity loan sits behind your existing mortgage as a second lien, so your first-mortgage rate stays put and you still get the cash you need. We run both side by side and tell you which one costs less for your situation.
What's the difference between cash-out and a rate-and-term refinance?
A rate-and-term refinance changes your rate or loan length and gives you no cash. A cash-out refinance replaces your loan with a bigger one and hands you the difference from your equity. If you don't need money and just want a lower rate, the rate-and-term program is the cleaner move — we'll tell you which fits.
How much cash can I actually take out?
Most lenders let you borrow up to about 80% of your home's value, leaving roughly 20% equity in place. So on a $600,000 home with a $300,000 balance, you might access somewhere around $180,000 before costs — the exact figure depends on the appraisal and the program.
Will my monthly payment go up?
Usually, since you're borrowing more. But if today's rate is lower than your current one, or you're clearing high-interest debt, the total of your monthly bills can still drop. We show you the before-and-after side by side.
What can I use the money for?
Whatever you choose — home improvements, paying off credit cards or a car, tuition, medical bills, or setting aside a reserve. Using it for value-adding repairs or to retire higher-interest debt tends to make the most financial sense.
Is there a waiting period before I can do a cash-out refinance?
Often yes. Many programs want you to have owned the home for at least six months, and some ask for twelve. Tell us when you bought or last refinanced and we'll confirm what you're eligible for.
Should I do a cash-out refinance or a HELOC?
It depends on your current rate. If your existing mortgage rate is already low, a HELOC or second mortgage may let you keep it and borrow on top. If a cash-out gets you a comparable rate, folding everything into one payment can be simpler. We compare both honestly instead of steering you.