All loan programs
Quick answer
- Who it may fit
- Owners funding a large project or a one-time expense
- Down payment
- Cash to close depends on the program, the property and your file — we quote your scenario before you apply.
- Main benefit
- One loan and one payment rather than a second lien
- Main tradeoff
- Replacing a low existing first-mortgage rate can be expensive — compare against a second lien first
A cash-out refinance replaces your current mortgage with a larger one and returns the difference to you at closing. It suits larger, one-time needs. If your existing first mortgage carries a rate you would rather keep, a second-lien option is usually the better conversation.
- Owners funding a large project or a one-time expense
- Owners consolidating higher-cost debt into a single secured payment
- Owners who would be refinancing the first mortgage anyway
- One loan and one payment rather than a second lien
- Fixed-rate structures are widely available
- Funds are received as a lump sum at closing
- Replacing a low existing first-mortgage rate can be expensive — compare against a second lien first
- Cash-out pricing is typically higher than rate-and-term pricing
- Equity is reduced, and secured debt carries your home as collateral
- Maximum loan-to-value varies by program, occupancy and property type
These are the factors an underwriter typically reviews. They are not a checklist of requirements, and meeting them does not guarantee eligibility or approval.
- Equity above the program's cash-out threshold
- Credit, income and asset review
- An acceptable property and appraisal
- Seasoning requirements may apply
All loans are subject to credit, income, property and underwriting approval. Nothing on this page is a loan offer, an approval, a rate lock or a commitment to lend. Programs, rates and terms are subject to change without notice.