Get the cash you need and a new mortgage with a cash-out refinance.
Use your cash any way you'd like- See if you can lower your rate
- Combine your debts into one simple payment
Why choose AmeriSave for a cash-out refinance?
Unlock Up To 80% In Cash
Tap into up to 80% of your home’s market value for the cash you need.
Get Approved In Minutes
Skip the hassle by applying online and close on your loan quickly.
Repay Your Way
Choose a term that works best for your schedule—10, 20, or 30 years.
Trusted Expertise
Over 730K clients. 23 years’ experience. One goal: helping you build a brighter future.
Smarter technology. Real numbers.
Get Personalized Loan OptionsSee your best loan options with technology that analyzes your finances in real time.
Flexible Loans And TermsPick the right loan and term that helps you achieve your unique homeownership goals.
Close Your Loan QuicklyGet approved and funded quickly, so you can enjoy your new financial freedom.
Get Personalized Loan Options
See your best loan options with technology that analyzes your finances in real time.
Flexible Loans And Terms
Pick the right loan and term that helps you achieve your unique homeownership goals.
Close Your Loan Quickly
Get approved and funded quickly, so you can enjoy your new financial freedom.
Replace your mortgage with a larger one and take the difference in cash.
A cash-out refinance pays off your existing mortgage and gives you a new one with the difference going to you at closing.
Calculate Your Available Cash
A cash-out refinance lets you borrow up to 80% of your home's appraised value. Subtract your current balance from that figure to estimate your maximum cash-out.
Lock Your New Rate
The new rate applies to the entire loan balance, not just the cash-out portion. Apply online for a personalized rate quote.
Close With One Closing
The new loan pays off your old one and funds the cash to you, all at the same closing table.
Pay Back One Combined Payment
One monthly payment covers your full mortgage balance plus the new cash-out amount, typically paid back over 15 to 30 years.
One loan, one payment, one new balance.
Unlike a home equity loan or HELOC, a cash-out refinance replaces your existing mortgage entirely. That means a single monthly payment but replacing your old rate if it was different than today's market rate.
Smart Ways To Use A Cash-Out Refinance
Pull from years of equity to fund the next chapter at lower mortgage rates instead of higher credit card rates.
Major Home Renovation
Fund a full kitchen, addition, or remodel and roll the cost into a single mortgage payment.
Pay Off High-Rate Debt
Replace credit card balances at 20%+ interest with mortgage-rate debt and a single monthly payment.
Investment Property Purchase
Use equity from your primary residence as the down payment on a rental or second home.
Major Life Expense
Tuition, a wedding, or adoption costs finance large planned expenses at mortgage rates instead of personal-loan or credit-card rates.
Cash-Out Refinance Requirements
Cash-out refinances follow standard mortgage underwriting with one key difference: most loan types cap your loan-to-value at 80%.
Most cash-out programs cap the new loan at 80% of your home's appraised value, leaving 20% in equity. VA cash-out can go higher for qualifying borrowers.
Your full debt-to-income ratio with the new payment must fit within program limits.
Conventional cash-out generally requires at least 620; FHA cash-out can accept lower; the strongest rates go to 740+.
For example, two years of income history (W-2s or tax returns), recent paystubs, bank statements, and a new appraisal of the home.
Cash-Out Refinance vs. Home Equity Loan
Both put cash from your equity in your pocket, but one replaces your mortgage while the other adds a second loan.
Pros And Cons of A Cash-Out Refinance
A cash-out refinance can unlock meaningful cash and reshape your mortgage at once, but it resets your loan clock.
What works in your favor
Single Monthly Payment
One mortgage instead of juggling a first mortgage and a separate equity loan.
Often The Lowest Available Rate
First-mortgage rates are typically lower than home equity loans or HELOCs.
Larger Amounts Than Equity Products
You can pull up to 80% of your home's value on most loan types, often more than other equity options allow.
Predictable Fixed Payment
Most cash-out refinances are fixed, so in that case, you can expect the same monthly payment over 15, 20, or 30 years.
Possible Interest Deduction
Interest on the cash-out portion may be tax-deductible if used to substantially improve the home, per IRS rules. Consult a tax advisor for details.
What to weigh carefully
Resets Your Loan Clock
A 30-year refinance restarts the amortization schedule, even if you were 10 years into your previous mortgage.
Gives Up A Low Existing Rate
If your current mortgage rate is below today's market, you'll lose it when you refinance.
Higher Closing Costs
Full refinance closing costs apply, typically 2% to 5% of the entire new loan amount, not just the cash-out portion.
Higher New Monthly Payment
The larger balance and current rates can mean a higher payment, even with cash in hand.
Risk If Home Values Drop
Borrowing more against your equity reduces your safety margin if the market softens.
Frequently Asked Questions
A cash-out refinance replaces your current mortgage with a new, larger loan based on your home’s equity. The difference between your new loan amount and your existing mortgage balance comes to you as cash, which you can use however you choose. Think of it as starting fresh with your mortgage while putting your equity to work. Continue Reading...
You’ll typically need a credit score of 620 or higher, enough home equity (at least 20% remaining after the refinance), steady income, and a debt-to-income ratio that shows you can handle the new payment. A good payment history on your current mortgage also helps your application.
Most AmeriSave cash-out refinances close within 31 days of application. Your timeline depends on things like property appraisal scheduling, document review, and how quickly you provide information. Our digital process helps keep everything moving smoothly.
Yes, like any mortgage, you’ll have closing costs for services such as appraisal, title search, and loan processing. These usually run between 2% and 5% of your loan amount. You can pay these costs upfront or add them to your new loan amount.