How to Get a Cash-Out Refinance?
A cash-out refinance is a financing option that allows a homeowner, whose home is worth more than what they owe on their mortgage, to refinance their new loan to a higher amount and pocket the difference as cash that can be used however they want. Popular uses for that cash are to fund major expenses like home renovations, invest in opportunities, manage unexpected expenses, college tuition, or even to consolidate debt.
Check out our Cash-Out Refinance Guide for all the details.
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What is a Cash-Out Refinance?
A cash-out refinance is a cost-effective way to access your home's equity. A cash-out refinance is a lending option when your home is worth more than what you owe on your mortgage. Unlike a second mortgage, you are not adding another monthly payment, rather, you are trading your old mortgage for a new, higher loan and you get back the difference between the two in cash.
Get an idea of what your cash-out refi could be.
Free Refinance CalculatorHow Does a Cash-Out Refinance Work?
With a cash-out refinance, you will receive a lump sum in cash that you can use however you want. You could use that cash to:
- Improve, update or repair your home.
- Cover any unexpected expenses that may arise.
- Consolidate high-interest debt and possibly improve your credit score.
- And anything else you can think of, after all, it's your money!
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