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Cash Out Refinance Rates
If you need a cash out refinance, we can help you get the money out of your home with the lowest cash out refinance mortgage rates.
On average, our mortgage refinance rates are .326% lower than the national average. This equates to $23,836 in life of loan interest savings. See details on rate savings calculation here.
Today's best 30 year fixed Conventional
cash-out refinance rate.
Cash Out Refinance
A cash-out refinance mortgage is a powerful financial tool that allows homeowners to replace their existing home loan with a new, larger mortgage and take the difference in cash. This type of refinance loan is ideal for those with significant home equity looking to access funds for major expenses like home improvements, debt consolidation, education costs, or emergency reserves. Unlike traditional refinancing, where the main goal is to secure a lower interest rate, a cash-out refinance focuses on tapping into built-up home equity.
One of the top benefits of a cash-out refinance is that it typically offers lower interest rates compared to credit cards or personal loans, making it a more affordable option for large borrowing needs. Many homeowners use this mortgage strategy to consolidate high-interest debt or finance renovations that could further increase property value. When searching for home equity loan alternatives, many borrowers turn to cash-out refinancing due to its flexibility and long-term savings potential.
Cash-Out Refinance Basics
What loan types allow for a cash out refinance?
You can use a Conventional, FHA, VA, or Jumbo loan program for a cash out refinance. Each program will have its own requirements as far as minimum credit score and the amount or percentage of your home's value you can borrow.
Is there a minimum credit score for a cash out refinance?
Credit score requirements for a cash out refinance will differ by loan type. Minimum scores are listed below:
Conventional - 640
FHA - 580
VA - 580
Jumbo - 660
How much cash can I get out of my home with a cash-out refinance?
The amount of cash you can get from a cash-out refinance will depend on your loan type's maximum loan to value or LTV. LTV is a ratio that compares the amount of a loan to the appraised value of the property. Below are the max LTV's for each loan type.
Conventional - 80%
FHA - 80%
VA - 100%
Jumbo - 80%
When do I get my funds?
If you are refinancing a Primary Residence, your loan will have a 3-day right of rescission, which gives you the opportunity to change your mind after closing. Once you sign, your loan will go through a 3-day rescission period (all days except Sundays and Federal Holidays count) and will fund on the following business day.
How long do I have to own my home before doing a cash out refinance?
All loan types will require ownership and mortgage seasoning before you can do a cash out refinance.
Conventional loans require at least one borrower be on title to the home six (6) months prior to the disbursement date of the new loan. If you are paying off an existing mortgage with the cash out refinance, the existing mortgage must be at least twelve (12) months old at the time of the refinance.
FHA requires that the borrower own and occupy the home as their primary residence for a minimum of twelve (12) months before applying for a cash out refinance. VA loans do not require any seasoning in terms of ownership. FHA and VA both require that six (6) consecutive payments be made on any mortgage being paid off and that 210 days have passed from the first payment due date.
Can I roll the closing costs into my new loan amount?
Yes, since you are already getting cash out, your loan amount will cover the amount of the closing costs. The amount of the closing costs will reduce your cash out so factor those in when calculating your cash back at closing.
Jumbo loans require at least one borrower be on title to the home six (6) months prior to the disbursement date of the new loan.
Cash Out vs. HELOC
If you are looking to get cash-out of your home, another alternative to consider would be a Home Equity loan. Home Equity loans can be in the form of a Home Equity Line of Credit (HELOC) or as a standard amortizing loan, called a HELOAN. Visit our Home Equity page for more information on these products.
When a home equity loan might be more advantageous than a Cash-out refinance:
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The current cash-out refinance rates are significantly higher than your current first mortgage rate.
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You need a relatively small amount of cash.
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You don't need all of your funds upfront and may need to use the credit line features of a HELOC in the future.
Become our customer and we will make you a fan.
"amazing in my home refinancing process"
Travis and Chase were both amazing in my home refinancing process. Anything I needed they were both on top of it immediately.
"easiest and best experience I've had"
I've financed or refinanced 12 times now in my life and this was the easiest and best experience I've had. They had the best rates and by far were the most available lender I have worked with - answering questions day or night.
"a real person answers the phone every time"
Our refinance process was incredibly quick (less than 3 weeks) and easy, they even sent a mobile notary to our home for the closing. We're pleased with the rate we got on our loan, and the customer service was excellent -- a real person answers the phone every time!
A human experience with online ease.
1. Consultation
Our 10 minute consultation is quick and casual. Help us understand your goals so we can put you on the right path.
2. Application
Apply online or over the phone. We will give you a same day preapproval and get the loan process started.
3. Processing and Underwriting
Our loan process blends electronic document submission and automated updates with a human touch. We are always available to answer your questions.
4. Closing
Electronically sign some of the forms before closing, and then meet us at the closing attorney to sign the notarized documents.
Our Approved States
We are located in the heart of Memphis, Tennessee and proudly serve our hometown of Memphis and the surrounding areas. Being a local mortgage lender, we are able to provide the best mortgage at the lowest rate to the communities and neighborhoods where we work and live.
By investing in the best technology and committing to the highest levels of service, we are able to deliver our hometown service across a wider geographic footprint with no sacrifices. Home buyers and homeowners in the states listed here can also get the best rate and experience our five star service.
Colorado
Florida
Georgia
Mississippi
Tennessee
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