How do you want to get started?
With Rocket Mortgage® by Quicken Loans, our fast, powerful and completely online way to get a mortgage, you can quickly see if you can get cash out of your home with a refinance.
Not comfortable starting online? Answer a few questions, and we’ll have a Home Loan Expert call you.
A Cash-Out Refinance Can Help You Meet Your Financial Goals
- Use your home equity to your advantage! Get money out of your home and use it for anything you want. Find out if it makes sense to refinance with our refinance calculator.
- Make home improvements to increase the value of your home, pay for college tuition, pay off high-interest credit card debt, or buy a vacation home.
- Homeowners over 62 can access their home’s equity like cash with our reverse mortgage partner, One Reverse Mortgage. One Reverse Mortgage is a proud member of the National Reverse Mortgage Lenders Association.
Every day for the past 30 years, we’ve helped hundreds of Americans lower their monthly payment by refinancing. Contact us today to see how we can help you!
Why You Should Choose Quicken Loans
- You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
- Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
- After you close your loan, you can manage your mortgage online without any hidden fees.
- We service 99% of our mortgages, which means you can expect our great customer service to continue after you close.
Popular Cash-Out Refinance Options
- FHA loan – Refinance up to 85% of your home’s value.
- 30-year fixed-rate loan – This traditional mortgage with fixed payments is great for budgeting.
- Adjustable rate mortgage – Save thousands in interest with our lowest rates available!
- VA loan – Refinance up to 90% of your home’s value with the VA loan if you’re a veteran, military member or spouse.
Frequently Asked Questions
What’s the difference between a cash-out refinance and a home equity loan?
Home equity loans or home equity lines of credit (HELOCs) are usually second mortgages. In other words, they are mortgages that you take out on top of the main mortgage you have on your home. This makes them second liens against your property and therefore more risky. A cash-out refinance is not a second loan; it is a new first mortgage.
What is equity? How can it help me get cash out of my refinance?
Home equity refers to the appraised value of your home minus the amount you still owe on your loan.
The more equity you have, the more money you may be able to get from a cash-out refinance. Many homeowners take cash out to pay off high-interest debt or make home improvements. Try our refinance calculator to see if you have enough equity to reach your financial goal.
What determines how much cash I get after refinancing?
In general, the cash-out amount is calculated by subtracting the balance of your old loan from the amount of the new mortgage loan, although many other factors, such as applicable fees, the type of loan you get and your equity, can affect your final cash-out amount.
How much does it cost to refinance?
It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing to get cash out may result in a longer loan term or a higher rate, and that might mean paying more in interest overall in the long run.