Cash-Out Home Refinance

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Refinance your mortgage and get the cash you need.

If you're looking to pay off high-interest debt, renovate your home, or need cash for other big expenses, look no further than your home.

With a cash-out home refinance, you can replace your current mortgage with a new one for more than what you still owe on your current mortgage. Then, you'll get the difference between your new mortgage and what you still owe in cash to use however you need.

Cash-out with confidence

When you work with us, we'll make sure your refinance experience is easy and stress-free.

  • Local team - Our expert loan officers will help make your refinance a success.
  • Fast application - Enjoy an easy, streamlined online application process.
  • Easy rate quotes - Explore options for your unique situation.
  • In-house servicing - We service our refinances, which means you can access your loan information and make payments in Web Branch.

How does it work?

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


Math equation showing how a cash out refi works-  $100,000 + $15,000 = refinance of $115,000, means $15,000 in cash


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.

Explore closing cost discounts available with your mortgage at UW Credit Union.

The Lowest Closing Costs + More Discounts

Don’t bother shopping around for the lowest closing costs. They’re right here.

Plus, take up to $750 more off1,2—and if you find lower costs somewhere else, we’ll make it worth your effort.* 

>> Explore Offers

Is a cash-out refinance right for me?

A cash-out refinance could be a great option for you if:

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.

Calculate your home value: 

Your Home Equity = Your Current Home Value - Your Current Loan Balance

For example: If your current loan balance is $100,000 and current home value is $250,000, your equity value is $250,000 − $100,000 = $150,000

As a rule of thumb, the sum of your current loan balance and cash-out amount cannot exceed 80% of home value. For more information, check out our Guide to Calculating Your Home Equity!

Want more information on cash-out refinances?

Read Cash-Out Refinancing 101 to learn what the process involves, its requirements, and the wide variety of opportunities it provides.

Get in Touch

We want you to feel at home with your home loan. That's why our local experts are always ready to answer your questions, understand your goals and help you take a smart step forward.

Phone Number 

(800) 533-6773

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ITIN Lending - UWCU is proud to accept ITIN for mortgage lending applications.