Cash-Out Refinance: Explore Options And Rates

Building equity in a property is one of the many benefits of homeownership. If you want to access that equity without selling the property, a cash-out refinance offers a solution.

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What Are The Benefits Of Refinancing?

A Cash-Out Refinance can help you consolidate your debts or let you borrow cash to pay for life’s significant moments.

Fewer Payments
When you consolidate debt with a cash-out refinance, you can reduce the number of bills you have to keep up with each month.
Lower Interest Rates
If you’re consolidating debt through a cash-out refinance, you’ll likely face lower interest rates. For example, consolidating multiple credit card balances with a cash-out refinance will likely lower the total amount of interest you’ll face.
Longer Loan Terms
Cash-out refinances come with longer loan terms. Stretching out debt repayment means you could face lower monthly payments.
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Learn more about how cash-out refinancing works, when it makes sense and what you need to do to get approved.

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Frequently Asked Questions

Here are answers to common questions about cash-out refinancing.

Unlike a cash-out refinance, home equity loans and home equity lines of credit (HELOC) are secondary loans. With either a home equity loan or a HELOC, you’ll add a new payment to your monthly obligations, on top of your existing mortgage payment. In contrast, a cash-out refinance involves replacing your first mortgage with an entirely new mortgage.
The average cash-out refinance takes 35 – 45 days. If you need cash more quickly, a shorter-term loan, like a personal loan, might give you fast access to the funds you need. After solving the immediate cash crunch, you always have the option of repaying the personal loan with funds from a cash-out refinance.
Like all loans, a cash-out refinance can impact your credit score. When you initially take out this loan, you might see a temporary drop in your credit score when the lender reviews your credit. But if you make on-time monthly payments, the initial negative impact should be outweighed by your positive payment history.