Cash-Out Refinance
A cash-out refinance replaces your current mortgage with a new, larger loan and gives you the difference in cash. It's one way to put your home equity to work.
Common uses
- Pay off higher-interest debt
- Home improvements and repairs
- Tuition, medical bills or other big expenses
- A down payment on an investment property
Things to weigh
- How much you can take out depends on your home's value, your loan type and your credit.
- Conventional, FHA and VA cash-out programs each have their own limits.
- You'll pay closing costs, and your new rate and term replace your current ones. If you have a low rate today, a HELOC may make more sense.
We'll run the numbers both ways so you can see the full picture.