Refinance
Turn built-up equity into usable cash
Replace your mortgage with a larger one and take the difference at closing. Borrow up to 80% of your home's value, at rates far below any credit card.
How it works
One new loan pays off the old one. Whatever is left over after costs comes to you as cash.
Your equity is the raw material
Equity is your home's value minus what you owe. A $500,000 home with a $250,000 mortgage holds $250,000 of it, and roughly $150,000 of that is reachable.
One payment, not two
Unlike a home equity loan or line, this replaces your mortgage rather than sitting behind it. You leave with a single monthly payment at a single fixed rate.
Cheaper than the alternatives
Cash-out rates run about 0.25% above a standard refinance. Against 22% on a credit card or 8.99% on a personal loan, the gap is not close.
Loan-to-value limits
Loan-to-value is your new balance divided by the appraised value. It caps how much you can take, and it drives your rate.
Worked through: a $500,000 home at the 80% limit supports a $400,000 new loan. Pay off the existing $250,000 balance and about $6,000 in closing costs, and roughly $144,000 arrives in your account.
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
Good reasons
What members actually use the cash for
The pattern we see is straightforward. Cash-out works best when the money either improves the asset it is borrowed against or retires debt that costs more than the mortgage does.
Cautions worth taking seriously
This is your house securing the debt. That is what makes the rate low, and it is what makes carelessness expensive.
Unsecured debt becomes secured
Consolidating a credit card into your mortgage lowers the rate but moves the risk. A card default damages your credit; a mortgage default can cost you the house.
Short-term debt stretched to 30 years
A $20,000 balance you would have cleared in three years now amortizes over 30. The payment shrinks; the total interest may not. Ask us to quote a shorter term.
Giving up a very low rate
If your existing mortgage sits at 3.25%, replacing it entirely to reach cash is usually the wrong tool. A HELOC at 6.625% on only the amount you need often costs less.
Common questions
How much cash can I actually take out?
Take 80% of your appraised value, subtract your current payoff and roughly $6,000 in closing costs, and the remainder is your cash. Eligible veterans can go to 90% on a VA cash-out.
How long does it take to get the money?
Plan on 30 to 40 days. Because it is a primary residence, federal law adds a three business day right of rescission after signing, so funds disburse on the fourth day.
Is the interest tax deductible?
Interest on funds used to buy, build, or substantially improve the home securing the loan is generally deductible; interest on cash used to pay off credit cards generally is not. Talk to your tax advisor about your situation.
Do I need a full appraisal?
Almost always, yes. Cash-out transactions rarely qualify for a waiver because the value directly determines how much you may borrow. Budget about $650 and one to two weeks.
Should I do this or a HELOC?
Take cash-out if you need a large lump sum and your current rate is at or above today's market. Take a HELOC if you need the money in stages, or if your existing mortgage rate is well below current levels.
Can I do this if I bought recently?
You generally need to have owned the property for at least six months, and you need enough appreciation or principal paid down to clear the 80% limit. We can check your position before you apply.
Find out what your equity supports
Tell us your balance and an estimate of value. We will show you the cash figure and the honest comparison against a HELOC.