Take Cash Out

Unlock your equity with a cash-out refinance

A cash-out refinance is a type of mortgage refinance where you borrow more than you owe on your current mortgage, and a portion of the difference is given to you in cash.

Is A Cash-Out Refinance Right For You?

With multiple ways to unlock your home equity, you may be wondering if a cash-out refinance is right for you. Some benefits of using refinance to get cash include:

Typically, more affordable than other forms of lending
No additional bills or loans to manage
One, lump sum at closing
Fixed-rate payments that won't change over time

How Can I Use My Cash?

Pay Down Debt

Consolidate credit cards or personal loans into one, easy monthly payment often at a lower rate than unsecured debt.

Pay Down Debt

Fund Renovations

Use equity to pay for upgrades, repairs, or improvements that enhance your home's comfort and long-term value.

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Cover Expenses

Your equity can help manage unexpected expenses with a more affordable payment than other forms of borrowing.

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Invest

Use your home's value to support long-term goals like real estate investing, education or other financial opportunities.

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The Benefits of a Cash-Out Refinance

More Affordable Than Other Forms of Lending

Compared to personal loans or credit cards, a cash-out refinance often comes with a lower interest rate because your home serves as collateral. This can make it a cost-effective way to access the funds you need without taking on high-interest debt.

One Loan, One Payment

Rather than juggling multiple bills and due dates, a cash-out refinance rolls everything into a single monthly mortgage payment. This simplifies your finances and makes it easier to stay on top of your budget.

Predictable, Fixed-Rate Payments

With a fixed-rate cash-out refinance, your monthly principal and interest payments stay the same for the life of the loan. No surprises, no fluctuating payments — just consistent, predictable costs that make long-term financial planning easier.

Receive Your Cash as a Lump Sum

At closing, you receive your funds all at once, giving you the flexibility to use the money exactly where you need it most. This could be for a major home renovation, paying off debt, or covering a large expense.

Cash Out Frequently Asked Questions

How long does the cash-out refinance process take?

The timeline can vary depending on your individual situation, but most cash-out refinances close within 30 to 45 days from the time you submit your application. Our team will keep you informed every step of the way so you always know where things stand.

Will a cash-out refinance affect my credit score?

When you apply, we'll perform a credit inquiry which may cause a small, temporary dip in your credit score. However, if you use your cash-out funds to pay off high-interest debt, this could actually have a positive impact on your credit over time. Your loan officer can talk you through what to expect based on your specific credit profile.

Is a cash-out refinance better than a home equity loan?

Both options allow you to access your home equity, but they work differently. A cash-out refinance replaces your existing mortgage with a new one, while a home equity loan is a separate loan on top of your current mortgage. Which one is right for you depends on your financial goals, current loan terms, and how much equity you have available. Our loan officers can help you compare both options side by side.

How much equity do I need to qualify for a cash-out refinance?

Most lenders, including us, require you to maintain a certain level of equity in your home after the cash-out. The exact amount depends on your loan type and financial profile. The best way to find out where you stand is to speak with one of our loan officers, who can review your situation and walk you through your options.

Can I use the cash for anything I want?

In most cases, yes. While we always encourage our customers to use their funds thoughtfully, there are generally no restrictions on how you use the cash from your refinance. Common uses include home improvements, debt consolidation, education expenses, and major life events — but ultimately, it's your money and your decision.

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