Mortgage Center

Start your online application today!   APPLY NOW

Cash In on a Cash-Out Refinance

As a homeowner, you’re able to use the equity you’ve built in your home to your advantage. Use it to make improvements on your home, like a new roof or driveway. You can also add it to your savings, or use it to make other large purchases.

Our low rates and fees help you save even more on your refinance.

Go to main navigation

Apply for a Maximum Cash-Out Refinance today!

Getting started is easy! Our online application streamlines the process from start to finish. Submit documents and get updates on the status of your loan, all without leaving the comfort of your own home. Prefer to apply over the phone? Give us a call at 800-353-4449.


What Is a Cash-Out Refinance?

With a cash-out refi loan, you take out a loan amount larger than what you currently owe on your home and you keep the difference. You can use this extra cash for bills, home repairs or anything else you may need to make payments on.


How Does Cash-Out Refinancing Work?

Imagine you have a home mortgage with a starting principal of $200,000. For this example, assume there is no interest accruing. Over the years, you've paid off $120,000, giving you equity of $120,000 and an outstanding loan of $80,000 to pay off. Your family has decided to make some home renovations totaling about $25,000.

If you were to get approved for a cash-out refi, you would have a new loan amount of $105,000 and immediately receive the $25,000 you need to get your renovations underway.


Who Qualifies for a Cash-Out Refi?

The first step to qualifying for a cash-out refinance loan is getting your home appraised. Property values are constantly changing based on the housing market, so your home's value may be different now than when you first bought it. Other than updated home equity, things you should have on hand include:

  • Your debt-to-income (DTI) ratio:Have you ever calculated your DTI? Take your monthly debt payments, including your current mortgage. Divide them by your gross monthly income to get a percentage known as your DTI. Good applicants will have a DTI of less than 45%.
  • Your credit score:For cash-out loans, you should have a credit score of at least 620.
  • Your housing history:In order to qualify for a cash-out refinance loan, you must have owned the property for at least six months, except in cases of inheritance or a similar award.


Benefits of a Cash-Out Refi

Normal loan refinancing may lower your mortgage payments, but you won't see any of the money you're saving or be able to use it for large purchases. When you decide on a cash-out refi, you may benefit from:

  • Extra funds:The most apparent benefit of pursuing cash-out refinancing is the extra cash you can receive right away to pay off other debts or invest in a large purchase, among other things.
  • Lower interest rates:You may get a loan at a lower interest rate than your original mortgage, which could mean a lower monthly payment.
  • Improve your credit profile:Paying off debts will give your credit score a nice boost, opening you up to better loan possibilities and interest rates in the future.
Go to main navigation


Great for those who want a lower down payment and those who need flexible credit requirements.

Home Renovation Loan

Refinance and renovate without taking out a second loan.

Maximum Cash-Out Refinance

Put the equity you’ve built in your home to work by using it for home improvements or a large purchase.

Right Choice Home Loan

Great for those who don’t have a lot of money for a down payment.