Cash-Out Home Refinance Cash-Out Home Refinance

How does it work?

You can cash out some of your home's equity with any of our refinance products: Traditional, Jumbo, or Rapid.

Here's an example: if you still owe $100,000 on your home but need $15,000 to remodel your bathroom, you could refinance into a $115,000 mortgage and get $15,000 in cash.

You have enough equity in your home

As you've made payments on your mortgage, you've earned equity in your home. And as home values have risen, you've accumulated equity, too! You might have more equity than you think—and the more you have, the more you can borrow.

You can get a competitive interest rate

Refinancing to a lower interest rate is always a win. But if you can't get a lower rate than what you already have, a cash-out home refi can still have major benefits.
Because a mortgage allows you to build equity, has a significant function (it's where you live, after all!), could improve your credit, and can have tax benefits³, it's considered "good" debt—and it often has much better rates than credit cards and other types of debt, too.

You want to use the cash to increase your home's value

When you renovate your home, you're obviously improving your family's quality of living—and it can increase the value of your home. It's a win-win-win: you improve your living space, your home becomes more valuable, and you rack up more equity.

You have a need for the cash

With a cash-out home refinance, you can consolidate high-interest debt, pay off unexpected bills, create an emergency fund, or use it for literally anything else. You've earned financial flexibility by growing your home equity, so take advantage of it when you need it.