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Cash Out Refinance: Access Your Home Equity Without Adding Another Loan
Use a cash-out refinance to turn your equity into cash, with one payment and a structured loan.
- No impact on credit
- Takes 1 min
Is Cash Out Refinance the Right Option for You?
A cash-out refinance is designed for homeowners who want access to cash without taking on separate loans.
A cash-out refinance may be a good fit if you:
- have built up equity in your home
- need funds but want lower rates than credit cards or personal loans
- want to consolidate high-interest debt
- are planning renovations or upgrades
- want to use equity for a major expense or opportunity
- prefer one structured payment instead of multiple loans
How Cash-Out Refinance Works
A cash-out refinance replaces your current mortgage with a new loan that is larger than what you currently owe.
The difference is paid to you as cash at closing.
Example:
- Current loan balance: $200,000
- New loan: $260,000
- Cash received: $60,000
You’re not adding a second loan, you’re restructuring your existing one.
Cash-Out Refinance Requirements
Lenders typically review:
- Credit Score: Typically 620+ (varies by program)
- Home Equity: Most programs require leaving ~20% equity after cash-out
- Loan-to-Value (LTV): Often capped around 80% depending on loan type
- Income and Employment: Must support the new loan amount
- Debt-to-Income Ratio (DTI): Typically ~45–50%, higher in strong scenarios
- Property Type: Primary, second homes, and some investment properties
A Better Refinance Experience: Serving Homeowners Since 1996
An excellent mortgage experience starts with better support, broader options, and fewer delays. See how Austin Capital Mortgage compares.
Other lenders/Banks
Other
Lenders shopped
100+
Limited to 1
Non QM Loans
Yes
Limited
Minimum credit score
550
640+
DTI Requirements
55%
43%
Fast-track Underwriting
Yes
No
Approval Rate
93%
Lower
Closing time
7-21 days
30 days
Dedicated Loan Officer
Yes
No
Availability
24/7
Limited
Average response time
<1hour
<1 day
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30 years of 5-star mortgage service
For over 30 years, we've built our reputation on excellent service and a mortgage experience that puts borrowers first.
Frequently asked questions
What is a cash-out refinance?
A refinance that allows you to take out a larger mortgage and receive the difference as cash.
How much cash can I take out?
This depends on your equity. Most programs require leaving at least ~20% equity in the home after refinancing.
Will my monthly payment increase?
It can, depending on your loan amount and rate. We help structure it so it stays manageable.
Is it better than a HELOC?
Cash-out refinance offers a single loan with fixed options, while HELOCs are variable and a separate bill from your mortgage.
Can I use it for debt consolidation?
Yes. Many borrowers use it to replace higher-interest debt with a lower-rate mortgage.
How long does it take?
Most cash-out refinances close within 10–21 days, depending on the file.
Start Your Pre Approval
Start your pre-approval to access your home equity with the right loan structure.
- No impact on credit
- Takes 1 min
- No docs needed
