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Cash Out Refinance Rates

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How it works

How to find the right mortgage refinance loan for you

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Checking rates won’t affect credit score

  1. Get prequalified rates in 3 minutes:

    It's quick and painless. Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score.

  2. Compare rates from multiple lenders:

    View the interest rate and cost breakdown of each loan to choose the best lender and loan product for you. Need help? Our mortgage team is not commissioned, so they're always on your side.

  3. Upload documents on Credible:

    We take the stress out of refinancing by automating the document collection process, keeping you updated on the status of your application every step of the way.

  4. Finish your loan with us:

    With Credible, you can complete the whole refinance process online. We have a team of dedicated mortgage experts ready to help you if you need it.

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What is a cash-out refinance?

With a cash-out refinancing loan, you take out a new home loan and use it to pay off your existing mortgage. The new mortgage is for a larger amount than the old one and it likely has a different mortgage interest rate, minimum monthly payment, and repayment term.

After the cash-out refinance mortgage is used to pay off your current mortgage, any remaining funds left over are issued to you as a lump sum. You can use the money for home improvements, debt consolidation, or for financing your child’s education. This is another alternative to other lines of credit, like home equity loans or HELOCs.

Find Out: 

What Is a Mortgage Rate and How Do They Work?

How much cash can you get with a cash-out refinance?

Most lenders require you to retain at least 20% equity in your home, so the most you can get is 80% of your home’s total value, minus whatever you still owe on your mortgage.

For example, if you have a home worth $300,000 and owe $100,000 on your mortgage, you have $200,000 in equity. If that’s the case, the maximum you can borrow with a cash-out refinance loan is $240,000 — $100,000 to pay off your existing loan plus $140,000 in cash out.

Equity needed for a cash-out refinance

You’re only eligible for a cash-out refinancing loan if you have equity in your home. Your equity is the value of your home minus the current balance of your mortgage. If you own a $250,000 home and you owe $100,000, your home equity is $150,000.

Learn More: 

How to Pay Off Debt With a Home Equity Loan

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Compare cash-out refinance rates

If you’re thinking about applying for a cash-out refinance mortgage to free up cash flow for home repairs or a major purchase, be sure to compare offers from multiple lenders to ensure you get the best cash out refinance rates.

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Cost of a cash-⁠out refinance

Cash-out refinancing closing costs can vary by location, but in general, you should expect to pay 2% to 3% of your loan amount.

If you’re applying for a $100,000 cash-out refinancing loan, you should plan to pay as much as $3,000 in closing costs.

Keep Reading: 

How to Refinance Your Mortgage in 6 Easy Steps

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