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.