Loan programs
Cash-out refinance
A cash-out refinance replaces your current mortgage with a new, larger one and pays you the difference. It makes sense when the new rate is competitive with what you have, or when one payment matters more than keeping the old rate.
Who it fits
- Owners with substantial equity
- Paying off higher-rate debt
- Funding a renovation or an investment
What to know
- The whole balance moves to the new rate, so compare it with a HELOC or home equity loan that leaves your first mortgage alone.
- Conventional and FHA cap how much of the home's value you can borrow; VA can go further for eligible veterans.
- Closing costs apply, as with any refinance.
What you'll need
- Your current mortgage statement
- Income documentation
- Homeowner's insurance details
Questions
Cash-out refinance questions
How soon can I do a cash-out refinance after buying?
Most programs ask for a seasoning period of owning the home, commonly six to twelve months. Some non-QM programs allow less.
Get started
Talk through Cash-out refinance options
A few details and Lucas will come back with real options and real numbers, usually the same business day.
- No cost and no obligation
- Answered by Lucas, not a call center
- Your information is never sold