Cash-Out Refinance
Get the Cash You Need from the Equity You’ve Earned
An equity-access option many homeowners reach for when they need a lump sum of money.
Cash at Closing
Receive a one-time payment when your loan closes.
Borrow at Competitive Rates
Access funds with a fixed rate and predictable monthly payments.
One Fixed Monthly Payment
Replace your existing mortgage, without adding a second.
How a Cash-Out Refinance Works
Current Mortgage Balance
The amount you owe on your existing mortgage.
New Loan Amount
The total amount to be financed, calculated based on your existing balance and available home equity.
Cash-Out
The funds available to you after deducting the existing mortgage balance, fees and closing costs.
New Monthly Payment
Your new principal and interest payment.
Run the Numbers
Find Out What You Could Afford
See Your Monthly Payment
The Breakdown
20%
Minimum Home Equity
620+
Credit Score
≤50%
Debt-to-Income Ratio
Your Home, Your Equity
Find out how much cash you could pull from your home's equity at today's rates.
Find a Local Loan Officer
Need help? One of our 1,500+ local loan officers is ready to answer your questions.
Frequently Asked Questions
How does a cash-out refinance work?
A cash-out refinance allows you to convert a portion of your home’s equity into cash. Depending on the transaction structure, the funds can be used for things like home improvements, debt consolidation, or other expenses. The amount available is based on your home’s value, existing loan obligations, and lender requirements.
Cash-out refi vs HELOC: Which is right for my situation?
- Both products access home equity, but they do it differently, and the right choice depends on your situation.
- A cash-out refinance replaces your existing first mortgage with a new, larger one, a new rate, and pays you the difference in cash at closing.
- A HELOC (home equity line of credit) adds a second lien on top of your existing first mortgage, without a change in your current first-mortgage rate. After closing, you have a second lien secured by the property while allowing you to keep your existing first mortgage.
What does a cash-out refinance cost?
The cost of a cash-out refinance can vary depending on the loan, property, and other factors. A loan officer can help you understand the costs involved and determine whether a cash-out refinance may be a good fit for your financial goals.
What does it take to qualify for a cash-out refinance?
To qualify for a cash-out refinance with loanDepot, we consider factors such as your home equity, credit history, income, and overall financial profile. A loan officer can help you understand your options and determine whether a cash-out refinance may be a good fit for your needs.
Is a cash-out refinance a good idea?
A cash-out refinance can be a useful option for homeowners who want to access their home equity for goals such as home improvements, debt consolidation, or other major expenses. Whether it’s a good fit depends on factors like your financial goals, current mortgage, available equity, and overall financial situation.