Most homeowners we work with are cashing out for one of two reasons: to reinvest in the house itself, or to restructure what they owe elsewhere. Both can be smart moves. The difference is in the details, and that’s where we come in.
Use your equity to reinvest in your property, from kitchen and bath remodels to additions that raise your home’s value and comfort.
A cash-out refinance lets you convert your home equity into cash for higher-interest debt, tuition, or other major expenses, often at better terms than unsecured borrowing, depending on your rate.
Your home is likely your largest asset, and the equity you’ve built is real value you can put to work. Whether you’re renovating, consolidating debt, or funding a major goal, a cash-out refinance replaces your current mortgage with a larger one and gives you the difference in cash, often at better terms than unsecured borrowing, depending on your rate.
Personalized solutions to help you buy, sell, or invest in real estate with ease.
A quick prequalification shows you what you qualify for.
We gather the documents to move your file into underwriting.
Our team evaluates the full loan package.
Final documents go to the title company for closing.
Five stars, more than 1,500 times. Read what people say about buying and refinancing with MVP.
A cash-out refinance is a bigger decision than a simple rate change. You’re borrowing against your home, so the numbers deserve honest scrutiny. We’ll show you the full picture, including closing costs and what happens to your term, and if the math doesn’t serve you, we’ll say so.
Curious what your equity could do? Our short application takes a few minutes, and a banker will follow up with real numbers based on your home’s value and balance, no obligation attached.
DISCLAIMER:
This is not a commitment to lend or extend credit. All loans are subject to credit approval. Information is subject to change without notice. Other restrictions may apply. VA loan benefits are subject to eligibility requirements determined by the U.S. Department of Veterans Affairs.
For a conventional cash-out refinance, most programs let you borrow up to 80% of your home’s value, and your cash is what’s left after paying off your current balance. Say your home is worth $500,000 and you owe $300,000: borrowing up to $400,000 could put roughly $100,000 in your pocket* before closing costs. We’ll run your exact numbers with you.
*Illustration only, not an offer. What you can actually take out depends on your appraised value, your current balance, your credit, and the program’s limits.
A cash-out refinance replaces your existing mortgage with a new, larger loan and gives you the difference in cash, leaving you with one payment. A HELOC is a separate line of credit on top of your current mortgage. Which one fits depends on your current rate and goals, and we can help you compare.
There are generally no restrictions. Homeowners commonly use the funds for home improvements, debt consolidation, tuition, or other major expenses. The right use is the one that fits your financial goals.
Plan on keeping at least 20% equity in the home after closing on a conventional cash-out refinance. In other words, if you owe more than 80% of your home’s value today, cash-out likely isn’t available yet, though a rate-and-term refinance might still help. Eligible veterans may be able to go higher through a VA cash-out loan.
Because you’re borrowing more than you currently owe, your new payment may be higher, though your rate and term also play a role. We’ll walk you through the numbers so you understand exactly what your new payment looks like before you commit.
