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Cash-out Refinance

Pull equity. Or don't.

Cash-out refi replaces your existing mortgage with a new, larger one — and you pocket the difference. It's the right tool for some jobs (debt consolidation, investment property purchase, major renovation). It's the wrong tool for others. We model both — cash-out refi vs. HELOC vs. doing nothing — and recommend the one that costs you the least over your ownership horizon.

  • Up to 80% LTV on conventional cash-out (primary)
  • 75% LTV on second home, 70% LTV on investment
  • VA up to 100% LTV on cash-out for veterans
  • Bank-statement cash-out for self-employed
  • DSCR cash-out on investment property
  • HELOC comparison — sometimes the better answer
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NMLS# 2718409Equal Housing Opportunity
Best fit when

Cash-out is the right tool when…

Down payment for next investment

Pull equity from #1 to put 20% down on #2. Common rental-portfolio scaling move.

Consolidate high-interest debt

If you have $30K+ at 22% credit-card rate, cash-out refi at 7% saves real interest. We model the all-in.

Major renovation

Bigger projects than HELOC math supports — or for a longer payback horizon than a HELOC's 10-year draw.

Lower current mortgage rate is below market

If you're at 3.5% on the existing loan, a cash-out refi at 7% on the whole balance is usually worse than a HELOC. We tell you that.

Dr. Rate lab note

Cash-out only wins when the five-year math behaves.

Dr. Rate compares cash-out refi, HELOC, and leaving the first lien alone before the team recommends a structure.

Run the calculators
Program details

What the lenders actually require.

LTV cap
80% conventional primary, 75% second home, 70% investment. VA: 100%.
Credit score
Generally 620+. 680+ for best pricing on cash-out.
Income docs
Full doc, bank-statement (self-employed), or DSCR (investment).
Seasoning
Most lenders: 6–12 months from purchase or last refi.
Use of funds
No restrictions on personal-use cash-out (except VA, which is unrestricted).
Next step

Cash-out vs. HELOC — which one?

Send your current loan and target cash amount. We model cash-out refi, HELOC, and 'leave it alone' side-by-side. Lowest 5-year cost wins.

Get my comparison(407) 201-4403
No credit pull · No application fee · Equal Housing Opportunity
Dr. Rate says: compare the real payment, not just the headline rate.