Turn some of your home's equity into cash.
A cash-out refinance replaces your mortgage with a bigger one and pays you the difference. Tell us where the home is to get started.
- Free, With No Obligation
- No Credit Check to Start
- One Licensed Lender
- Straight Answers
Who It's For
Homeowners with a mortgage and real equity who want a lump sum and are open to replacing their current mortgage with a new, larger one.
What to Know
A Bigger Loan, and the Difference in Cash
You replace your mortgage with a bigger one and take the difference in cash. You often have to pay closing costs.
Source: CFPB, CFPB: What other types of loans are similar to a HELOC?Your loan terms change too
Because it's a new loan, your interest rate and other terms change, not just the amount you owe.
Source: CFPB, CFPB: Using home equity to meet financial needs (guide for older Americans)It can take longer to pay off
A cash-out refinance can stretch out how long you pay, and your monthly payment may go up. These loans are usually paid back over 30 years.
Source: CFPB, CFPB: Using home equity to meet financial needs (guide for older Americans)Costs can run higher
The rate is generally a little higher than for a refinance without cash out, because you're borrowing more. Closing costs are generally higher than for a HELOC.
Source: Freddie Mac, Freddie Mac: Understanding your refinance optionsYou keep part of your equity
You can't take out all of it. For loans Freddie Mac buys, a cash-out refinance on a one-unit home you live in can be at most 80 percent of the home's value.
Source: Freddie Mac, Freddie Mac: Maximum LTV/TLTV/HTLTV ratio requirements
How It Works
Answer a Few Questions
Your goal, your ZIP code, your home and your timing. About two minutes, with no contact details until the last step.
Get Matched With One Lender
We find one licensed lender in your state that takes this kind of loan, and show you its name first.
Hear From That Lender
If you choose to send your request, that lender reaches out. You decide what happens next.
Four Things You Can Check
The Lender's License
You see the lender's name and NMLS ID before you share your number. Anyone can look a lender up on NMLS Consumer Access.
Look Up a Lender's LicenseHow We Get Paid
Lenders pay us a flat fee when you ask to be contacted. You never pay us. The fee is the same whether or not you take out a loan.
Read How We Get PaidWho Gets Your Request
One lender, named on the form before you send it. Every lender who may get a request is listed with its NMLS ID.
See Our Lender PartnersOur Sources
Every guide ends with a list of its sources, such as HUD, the CFPB, Fannie Mae and Freddie Mac.
Browse the Guides
Common Questions
How soon after buying can I do a cash-out refinance?
For loans Fannie Mae and Freddie Mac buy, the mortgage being paid off must be at least 12 months old. At least one borrower must also have been on the title for six months, with some exceptions such as an inherited home.
Is it risky to pay off credit cards with home equity?
It can be. You aren't really paying the debts off; you're taking out one loan to repay others, and now your home backs that debt. If you can't repay, you could lose your home.
Does the simple break-even math work for a cash-out refinance?
No. Freddie Mac says dividing the costs by your monthly savings doesn't work for cash-out refinances. Compare the full cost and the new terms instead.
Learn More
Sources
- CFPB: What other types of loans are similar to a HELOC?
- CFPB: Using home equity to meet financial needs (guide for older Americans)
- Freddie Mac: Understanding your refinance options
- CFPB: What you should know about home equity lines of credit (booklet)
- Freddie Mac: Maximum LTV/TLTV/HTLTV ratio requirements
- Fannie Mae Selling Guide B2-1.3-03: Cash-out refinance transactions
- Freddie Mac: Cash-out refinance
- CFPB: What is a home equity loan?
- Freddie Mac: Planning to refinance