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Cash out refinances can help you get cash from the value of your home's equity. You replace your existing mortgage with a new mortgage for a higher amount and get the difference in cash at closing.

For example, if you have a $200,000 mortgage balance and a large amount of home equity, you could refinance to a $250,000 mortgage and get $50,000 in cash.

Our cash experts can help you estimate how much cash you might qualify to get with a new loan. To learn more, see our cash out refinance example.

Cash Out Refinances

All borrowers eligible
Minimum credit score often 620
No mortgage insurance with 20% equity
No funding fee

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VA Cash Out Refinances

Only Veterans, active-duty personnel, surviving spouses eligible
Minimum credit score often 550
Funding fee required

Learn More

FHA Cash Out Refinances

All borrowers eligible
Minimum credit score often 550
Mortgage insurance required
No funding fee

Learn More

Simple Steps to Get Cash

Put your home’s equity to work and pay for major expenses, consolidate debt, and invest in new opportunities. Our Loan Advisors work with you every step of the way to make getting your cash simpler. Start today and find out if you qualify.

See If You Qualify

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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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The estimated cash-out amount result was calculated by subtracting the outstanding principal balance of your loan from 80% of your property’s estimated value and assumes closing costs will be paid in cash. Your actual cash-out amount may be less. It will be calculated by taking 80% of your property’s actual value (as determined by a full appraisal) and subtracting all outstanding liens and any applicable costs from that value.

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Let us help you secure the cash you need for your financial goals. Fill out the form below and one of our licensed Loan Advisors will contact you.

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* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By clicking "Get Your Results," you consent to be contacted, including via automated technology or artificial/prerecorded voice, by Freedom Mortgage and any of its current or future affiliated companies (collectively "Freedom Mortgage") at the phone number(s) and email address(es) provided for marketing purposes about loans, even if your number is listed on a federal, state or internal do not call list . You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage.

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How Cash Out Refinances Work

Step 1
Estimate Your Cash Step 2
Apply for a Loan

Step 2
Apply for a Loan Step 3
Close Your Loan

Step 3
Close Your Loan Step 4
Get Your Cash

Step 4
Get Your Cash Step 1
Estimate Your Cash

Estimate Your Cash

Estimating the amount of cash you might get from the value of your home’s equity is a great place to start. Also, decide what goals you have for your cash. You can consolidate debt, pay for home upgrades or education, invest in opportunities, and more. Our Loan Advisors can help you understand how much cash you might get.

Apply for a Loan

You’ll need to complete a new mortgage application to get a cash out refinance. We’ll ask you to provide financial documents. We’ll probably order a new home appraisal to determine the current fair market value of your home. You’ll need to read and sign a loan estimate and other documents too.

Close Your Loan

Once your application is complete, we will review your information. You must meet our credit, income, and financial requirements to get approved. Once you’re approved, we’ll send you closing disclosures that state how much cash you’ll get, your new loan terms, your new mortgage payment, and more.

Get Your Cash

You’ll generally get your cash within five days of closing your cash out refinance. You’ll get all your cash as a lump payment. We can wire your cash to a bank account you choose. We can also send you a check for the cash.

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Cash Out Refinance FAQs

This section answers some of the most common questions homeowners ask when they are considering cash out refinancing

The cash out refinance rate we may be able to offer you depends on your credit score, income, finances, the current mortgage rate market, and other factors.

Freedom Mortgage may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Ask us today what cash out refinance rate we can offer you.
At Freedom Mortgage, you may be able to qualify for a Conventional cash out refinance with a credit score as low as 620.

When you tap your home’s equity with a VA or FHA cash out refinance, you may qualify with a credit score as low as 550. This credit score is lower than the minimum score that some other lenders require for VA and FHA cash out refinancing.
No. These refinance loans do not require a down payment. You will likely need to pay closing costs when you tap your home’s equity however. You may need to pay these closing costs in cash or you may be able to finance them into your new loan amount.
A cash out refinance may be the right choice for you. Cash out refinances can have lower rates compared to home equity loans and HELOCs because they are considered first lien loans rather than second lien loans.

Cash out refinances allow you to change your interest rate, loan terms, and monthly payments on your home’s mortgage. Depending on the interest rate on your existing mortgage, you may be able to lower your rate and get cash from your equity. You get all your cash as a lump sum with cash out refinances. Learn more about HELOCs and home equity loans.
Closing costs for a cash out refinance can average between 2% and 6% of the loan amount, according to Forbes. Sometimes you can add these costs to your loan amount. Other times, you’ll have to pay them at closing.
To apply for a cash out refinance at Freedom Mortgage, call one of our experienced Loan Advisors at 877-220-5533. We’ll help you complete your application and work with you every step of the way to make getting your cash simpler.

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Learn More About Cash Out Refinances

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The Right Loans to Reach Your Goals

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Put Your Home’s Equity to Work

Cash Out Refinances

Cash Out Refinances

VA Cash Out Refinances

FHA Cash Out Refinances

Simple Steps to Get Cash

Cash Out Refinance Calculator

How Much Cash Can You Get?