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VA Cash Out Refinances

VA Cash Out Refinances

VA cash out refinances help you access cash from the equity in your home. You replace your current VA mortgage with a new VA mortgage for a higher amount and get the difference in cash when you close.

For example, let's say your current mortgage balance is $300,000. With a VA cash out refinance, you might be able to get a new VA mortgage for $360,000, resulting in $60,000 cash.

You can use this cash to pay for home upgrades, educational expenses, or to help consolidate higher-interest debts. You use the money however you wish. See our cash out refinance example to learn more.

Veterans, military personnel, and surviving spouses may be eligible. You need to meet credit, income, and financial requirements to get approved. Freedom Mortgage is a top VA lender in the U.S. according to Inside Mortgage Finance, 2024.

VA Cash Out Refinances

Only qualified Veterans and others eligible
Minimum credit score often 550
No mortgage insurance
Funding fee required

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Conventional Cash Out Refinances

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

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FHA Cash Out Refinances

All homeowners eligible
Minimum credit score often 550
Mortgage insurance required

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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.

Cash Out Refinance Calculator Results*: $50,000

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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.

The VA loan cash out refinance rate we might offer you is affected by current rates, your credit score, income, and finances, and other factors.

Freedom Mortgage may be able to offer you an interest rate that is lower—or higher—than the rate you see from other lenders. Ask us today what VA cash out refinance rate we can offer you.
You may still qualify for VA cash out refinancing when you have less than perfect credit. That’s because at Freedom Mortgage, you may qualify to get cash from your home with a credit score as low as 550. This is lower than the minimum credit score some lenders require for a VA cash out refi.
A VA cash out refinance may be the right choice for you. You may be able to borrow more money with a VA Loan compared to a home equity loan or HELOC because at Freedom Mortgage, you may be able to borrow up to 90% of your home’s equity.

VA cash out refinances can have lower rates compared to home equity loans and HELOCs too. Learn more about HELOCs and home equity loans.
You’ll probably need to pay closing costs when you get a VA cash out refinance, including the funding fee. In 2025, the funding fee for your first VA cash out refinance is equal to 2.5% of the loan amount. Some disabled veterans and surviving spouses are exempt from paying the funding fee. Other closing costs you may need to pay include lender fees and discount points.
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.