One loan. One payment. Your equity in hand.
A cash-out refinance replaces your current first mortgage with a larger loan and hands you the difference in cash — the largest loan amounts of the twelve programs.
How a cash-out refinance works
1. You apply once
One application, one credit review. We price the cash-out refinance against the other eleven programs at the same time, so you can see whether replacing your first mortgage actually pays off.
2. Your first mortgage is replaced
Unlike a HELOC or a second mortgage, a cash-out refinance pays off your existing first mortgage and issues one new, larger loan. The difference between the new loan and your old balance comes to you in cash.
3. One payment replaces everything
You walk away with a single first-mortgage payment — no second lien, no separate line to track. For many homeowners that simplicity is the whole point.
4. The rate question decides it
The trade-off is your current rate. If your existing first mortgage carries a rate well below today's, keeping it and adding a HELOC or fixed second may cost less overall. We'll show you both side by side.
Key terms
Homeowners whose current rate is near today's rates, or who want one simple payment.
- Type
- New first mortgage
- Rate
- Fixed or adjustable
- Amount
- Largest loan amounts of the group
- Trade-off
- Replaces your existing first mortgage
Best when you can improve — or match — your current first-mortgage rate.
A cash-out refinance is usually right when
- Your current interest rate is close to today's rates, so replacing your first mortgage costs you little.
- You want the largest possible loan amount — cash-out refinances typically allow the highest loan-to-value of the twelve programs.
- You'd rather have one loan and one payment than manage a second lien alongside your first mortgage.
- You're consolidating several debts and want them folded into a single first-mortgage payment.
- You want a fixed rate and a fixed payment for the full term, with no draw period to manage.
Look elsewhere when
- You have a much lower rate on your current first mortgage than today's market — keeping it and using a HELOC or fixed-rate second may save more.
- You want ongoing, draw-as-needed access to your equity rather than one lump sum — that's what a HELOC does.
- You want to leave your first mortgage completely untouched — a fixed-rate second mortgage sits on top instead.
- You're planning a major renovation and want to borrow against the after-renovation value — see the renovation HELOC.
How much cash could a refinance free up?
Enter your home's value, your current mortgage balance, and the cash you'd like. This is arithmetic, not an offer — your real numbers come from underwriting.
The estimate assumes an 80% loan-to-value ceiling, which is common but not universal. Some programs go higher; eligibility varies.
Current balance plus the cash you take out.
New loan divided by your home's value.
The most cash an 80% loan-to-value refinance could release.
Value minus the new loan balance.
This structure sits at or under 80% loan-to-value — within the range most cash-out programs work in.
Estimates only — not a quote, an approval, or a commitment to lend. Actual limits, pricing, and requirements vary by program and underwriting.
Or call us directly — 602-550-5626.
Common cash-out questions
How is a cash-out refinance different from a HELOC?
A cash-out refinance replaces your entire first mortgage with one new, larger loan and gives you the difference in cash at closing. A HELOC keeps your first mortgage where it is and adds a revolving line behind it. The refinance is one loan and one payment; the HELOC is two.
How much cash can I take out?
It depends on your home's value, your current balance, and the loan-to-value limit the program allows at the time. Cash-out refinances generally allow the largest loan amounts of the twelve programs, but the exact figure comes from underwriting — this page's estimator is arithmetic, not an offer.
Will I lose my current interest rate?
Yes — the new loan replaces your existing first mortgage, so the new rate applies to the whole balance. That's the central trade-off: if your current rate is far below today's, a HELOC or fixed-rate second mortgage that leaves the first loan alone may cost less overall.
Can I roll other debts into it?
Debts aren't rolled in automatically, but many homeowners use the cash at closing to pay off credit cards, auto loans, or other obligations — consolidating them into one first-mortgage payment.
What are the closing costs?
Like any first mortgage, a cash-out refinance has closing costs — appraisal, title, and lender fees. We'll give you a full estimate with your application so you can weigh them against the alternatives before you decide.
Not sure a refinance is the one?
A cash-out refinance is one of twelve ways to use your equity. Compare them side by side, or tell us your situation and we'll point you at the two or three that genuinely fit.
Questions? We're Here to Help.
Call me today to discuss which program is best for you.
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