Cash-Out Refinance

A cash-out refinance lets you replace your existing mortgage with a new one for more than you currently owe and receive the difference back in cash.

Homeowners often use this option to pay for home improvements, consolidate debt, or cover other large expenses.

Borrowers must have sufficient home equity to qualify, and the amount of cash available depends on the home’s value, the existing loan balance, and program limits. Cash-out refinancing may result in a higher loan balance or payment compared to a rate-and-term refinance.