A cash-out refinance replaces your existing mortgage with a larger one and hands you the difference. It's the simplest way to tap a big chunk of equity at first-position pricing — but only when the math works.
When it works
Your current rate is at or above today's market, you need $50k+ in one shot, and you'd benefit from rolling other higher-rate debt (credit cards, personal loans) into a single tax-deductible mortgage payment.
When it doesn't
Your current rate is significantly below today's market. Refinancing means giving up your edge forever. Take a HELOC or home equity loan in second position instead.
Use our free calculators to apply this to your situation in seconds.
Frequently asked questions
Is cash-out refinance interest tax deductible?
Only when the proceeds are used to buy, build, or substantially improve the home securing the loan. Consult your CPA.
How much can I cash out?
Up to 80% LTV on a primary residence, 75% on a second home, 70% on an investment property.