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Cash-Out Refinance
A Cash-Out Refinance lets homeowners replace their current mortgage with a larger loan and withdraw the difference in cash. This option is ideal for those looking to tap into home equity for renovations, debt consolidation, or major expenses while potentially securing a lower interest rate. By refinancing, borrowers can access liquid funds without selling their home, making it a smart solution for improving financial flexibility. If you’re considering using your home’s equity, a cash-out refinance could be the right strategy.
A Reliable Home Loan You Can Trust.
Access to Cash
Tap into your home’s equity to fund home improvements, pay off debts, or cover major expenses.
Potentially Lower Interest Rates
Replace your current mortgage with a new loan that may have a lower interest rate.
Debt Consolidation
Use the cash to pay off high-interest debts, such as credit cards or personal loans, with a lower-rate mortgage.
Tax Benefits
In some cases, mortgage interest on funds used for home improvements may be tax-deductible (consult a tax advisor).
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
How much cash can I take out with a Cash-Out Refinance?
The amount varies based on your home’s value, your remaining mortgage balance, and the lender’s loan-to-value (LTV) requirements, but typically, you can borrow up to 80% of your home’s value.
Does a Cash-Out Refinance increase my mortgage payment?
It depends on your new loan amount, interest rate, and term. If you borrow more than your previous mortgage, your payment could increase, but refinancing into a lower rate may help offset the difference.
What credit score is required for a Cash-Out Refinance?
Most lenders require a credit score of at least 620, but requirements vary based on the loan type and lender.
Are there closing costs for a Cash-Out Refinance?
Yes, similar to a traditional refinance, you’ll have closing costs that typically range from 2% to 5% of the loan amount which typically are rolled into the loan.