Cash-Out Refinance — Today's Rates
7.240%Current avg · Updated 2026-04-28
What is a Cash-Out Refinance?
Cash-out refinancing lets you replace your existing mortgage with a larger one and take the difference as cash. Lenders typically allow you to borrow up to 80% of your home's value. This is useful for major home improvements, debt consolidation, or other significant expenses. Rates are typically 0.125%-0.5% higher than rate-and-term refi rates.
Pros
- Access home equity as cash
- Tax-deductible if used for improvements
- Lower rate than personal loans
- Consolidate high-interest debt
Cons
- Higher rate than rate-term refi
- Increases loan balance
- Risk of foreclosure if unable to pay
- Closing costs apply
Quick Facts
Current Rate
7.240%
Min. Credit Score
640
Equity Requirement
N/A (20% equity required after)
Best For
Homeowners with significant equity who need funds for home improvements or debt consolidation
Top Lenders for Cash-Out Refinance
| Lender | Cash-Out Refinance Rate | APR | Action |
|---|---|---|---|
| 🗽Freedom Mortgage | 6.430% | 6.580% | Apply |
| 🏘PennyMac | 6.505% | 6.655% | Apply |
| 🏦AmeriSave | 6.530% | 6.680% | Apply |
| ✨Better Mortgage | 6.555% | 6.705% | Apply |
| 💎SoFi | 6.555% | 6.705% | Apply |