It depends on three primary factors:

• Your home’s current appraised value
• The amount you still owe on your existing mortgage
• The maximum loan-to-value (LTV) allowed by your loan program

A cash-out refinance allows you to borrow against your home’s equity, but lenders won’t allow you to borrow 100% of your home’s value. Every loan program has maximum LTV limits that determine how much equity you can access while still qualifying for the new loan.

For example, if your home has increased in value over the years or you’ve paid down your mortgage balance, you may have enough equity to receive cash at closing after your current loan and closing costs are paid off.

The exact amount varies depending on the loan program, your credit profile, and your financial qualifications. The easiest way to find out is to estimate your home’s current value and review your mortgage payoff. We can quickly calculate how much equity may be available and determine whether a cash-out refinance makes sense for your goals.

To learn more about refinances, visit the Refinance page.