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Cash-Out Refinance

Accessing the equity in your home could be an alternative to using other financing options with higher interest rates.

What is a cash-out refinance?

A cash-out refinance lets you access your home equity by replacing your existing mortgage with a new one that has a higher loan amount than what you currently owe. When you close on your loan, you’ll get funds you can use for other purposes.

Is a cash-out refinance the right move for you?

There's no hard-and-fast answer to that question, but you may want to consider a cash-out refinance if: 

  • You need to pay for a major expense and want to explore alternatives to financing with higher-interest loans or credit cards.
  • You have the available equity to provide the cash-out option.

Important questions to think about

With a cash-out refinance, you need to weigh the benefit of how you’re going to use the money against the amount of time it will take to pay off the loan. Here are some things to think about:

  • How many years until the end of the term of your current loan?
  • How long is the term of the new loan?
  • What are current interest rates?
  • How much cash do you need?
  • What’s the monthly payment amount?
  • What’s the total cost of borrowing? 
  • What’s your break-even point?

To help you answer these questions and determine whether a cash-out refinance may help you with your long-term financial goals, contact your home mortgage consultant.


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If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.