How much cash can you get?
The amount of cash you might get from a cash out refinance depends on the value of your home’s equity and the loan-to-value ratio of your refinance. Change the default values to personalize your estimate!
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You might qualify for $50,000
Ask us what refinance rate we can offer you
The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.
Talk to Freedom Mortgage about cash out refinancing today
Borrowing money against the value of your home can help you pay for home renovations, pay down higher interest debt, pay for college, and more. By just putting in your estimated property value and your existing mortgage amount, we can estimate the amount of cash you might get from a cash out refinance.
You typically can’t borrow the full amount of your home’s equity. Most of the time, you can only borrow a portion of that amount based on a maximum loan-to-value ratio (LTV). See our article on maximum LTVs for cash out refinances to learn more.
This is how much your home is worth in today’s market. You can get your home appraised, look at recent home sale prices in your neighborhood, or look on sites like Zillow for an estimate.
This is the amount of your existing mortgage, which is how much you have left to pay on your principal loan balance. You can find your balance on your monthly mortgage statement. If you are a Freedom Mortgage customer, you can also log into your online account to check your current mortgage balance.
Loan-to-value ratio (or "LTV") is a percentage you get when you divide the dollar amount of your mortgage by the current value of your home. For example, if your home value is $275,000 and your mortgage balance is $125,000, your LTV is 45% ($125,000 ÷ $275,000= .45 or 45%). Many cash out refinances have a maximum LTV of 80%, which is the LTV our calculator uses too! This maximum LTV helps determine the total amount of cash you may be able to borrow from your home’s equity.
Freedom Mortgage Corporation is not a financial advisor. The ideas outlined above are for informational purposes only, are not intended as investment or financial advice, and should not be construed as such. Consult a financial advisor before making important personal financial decisions.