Loan program · Refinance
Cash Out Refinance
A cash out refinance pays off your existing mortgage with a new, larger loan and returns the difference to you at closing. It converts equity into usable funds with a single fixed or adjustable payment, and it resets the terms of your first mortgage.
Who it is designed for
- Homeowners consolidating higher rate debt
- Homeowners funding a large renovation with a fixed payment
- Investors pulling equity out to acquire another property
- Homeowners whose current mortgage rate is at or above current market pricing
Eligible occupancy types
- Primary residence
- Second home
- Investment property
Down payment or equity
Not applicable. Programs limit how much of your value you may borrow, and the limit is lower for investment property.
Major benefits
- One payment instead of multiple obligations when consolidating
- Fixed rate options available
- Funds can be used for improvements, debt payoff, or investment
Important considerations
- You replace your existing rate, which matters if your current rate is low
- Closing costs apply and are often financed into the balance
- Consolidating unsecured debt moves it onto your home
- Extending the term can raise total interest paid over time
How qualification generally works
- Appraisal establishing current value
- Equity remaining after the new loan amount
- Income, credit and debt review under the applicable program
Documents commonly requested
- Photo ID and Social Security number for each borrower
- Most recent pay stubs covering a full 30 day period, if you receive W2 wages
- W2s and/or federal tax returns for the most recent years requested
- Two months of asset statements for accounts used for down payment and reserves
- Current mortgage statement, homeowners insurance and property tax information on properties you own
- Explanations for large or non payroll deposits
Frequently Asked Questions
Related programs and next steps
HELOC
A revolving line of credit secured by the equity in your home.
Learn more RefinanceDebt Consolidation
Use home equity to combine higher rate balances into one payment.
Learn more RefinanceRate and Term Refinance
Change your rate, your term, or your loan type without taking cash out.
Learn more RefinanceInvestment Property Refinance
Restructure or pull equity from rental property you already own.
Learn moreConsidering cash out refinance?
We will review your documents, compare the realistic options, and give you a written preapproval you can use with confidence. Nothing on this page is a commitment to lend.