A cash-out refinance replaces your mortgage with a larger one and gives you the difference in cash.
A good fit for
- Renovations
- Paying off higher-interest debt
- Investors pulling equity for the next property
How it works
- The amount depends on your home's value and the lender's maximum loan-to-value
- You get one new loan and one payment
Keep in mind
- It resets your whole mortgage, including the rate
- If your current rate is low, a HELOC may make more sense
Is a Cash Out Refinance right for you?
Every lender's guidelines differ — Chip will shop them for you.
Related loan options
This page is general education, not a loan offer or commitment. Terms, eligibility and availability vary by lender and change over time.