Cash-Out Refinance Loans

Turning Home Equity into Ready Cash

Cash-Out Refinance

What are rate-and-term refinance loans?

A cash-out refinance replaces your current mortgage with a new one so you can tap a portion of the equity you’ve built. The new loan pays off the old balance, covers closing costs you choose to roll in, and gives you the difference as a lump-sum check or wire. Unlike a home-equity line of credit (HELOC), you now have a single fixed-rate or adjustable-rate first mortgage.

Benefits of a Cash-Out Refinance

Disclaimer: Eligibility, programs, rates, terms and conditions are subject to change without notice. Credit and collateral are subject to approval. By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Frequent Questions Cash-Out Refinance

How much cash can I actually get? Take your home’s appraised value, multiply by the program’s max LTV (e.g., 80 %), then subtract your current mortgage payoff and any financed costs. The remainder is yours.
Does my rate go up with a cash-out refi? Often yes. Conventional cash-out pricing includes “loan-level price adjustments,” so expect a rate roughly 0.125–0.375 percentage points higher than a no-cash-out refi—larger spreads for high-LTV or lower-credit files.
What can I use the money for? Anything: remodeling, college tuition, medical bills, starting a business. Lenders don’t track the funds after closing.
Will I need mortgage insurance? Only if the new LTV exceeds 80 % on a conventional loan; FHA loans always carry annual mortgage-insurance premiums, and VA loans never charge monthly MI.

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