We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. We are a wholesale broker, meaning we have access to rates our mortgage lenders offer solely to brokers they work with. Generally, our lenders pay us and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. This is common practice in mortgage transactions where you choose for the lender to pay your broker’s fee upfront. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate, or pay our broker compensation yourself. Please talk to one of our licensed loan officers to explore your options.
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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.
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.
What Is a Mortgage Rate and How Do They Work?
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.
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.
How to Pay Off Debt With a Home Equity Loan
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.
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.
How to Refinance Your Mortgage in 6 Easy Steps
How a cash-out mortgage refinance works
Cash-out refinancing allows you to take money out of your home equity by refinancing your current mortgage for an amount that is greater than your existing loan and the refinancing loan’s closing costs. Find out more about how a cash-out refinance works.
How to refinance your mortgage
Refinancing your mortgage can be much simpler than the process you went through when you bought your home. Here’s how to refinance your mortgage — and everything you need to know before you do.
When to refinance your mortgage
If you own a home, it’s a good idea to reassess your mortgage periodically to see if you can find a better deal elsewhere. Check out some of the reasons refinancing your mortgage could be a good idea.
How to get the best mortgage refinance rates
You really have to do your research if you want to get the best mortgage refinance rate. We’ll take some of the burden off you by doing most of the legwork so you can find the best rate for your situation.
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