Refinance loans
Your home has equity. Put it to work.
A cash-out refinance replaces your existing mortgage with a larger loan and allows you to receive a portion of available equity as cash, subject to loan and property requirements.
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Cash-Out Refinance at a glance
Replaces your mortgage
A new, larger loan replaces the existing first mortgage.
Equity to cash
A portion of available equity may be received as cash.
Subject to limits
Loan-to-value limits and program requirements apply.
New loan terms
The refinanced balance follows the new loan terms.
How cash-out refinancing works
A cash-out refinance replaces your existing mortgage with a larger loan and allows you to receive a portion of available equity as cash, subject to loan and property requirements.
Available cash is not simply all of your equity. Loan-to-value limits, existing liens, closing costs, program requirements, and other factors affect how much may be available.
01
Current home value
02
Minus the new mortgage
03
Remaining equity
Why homeowners access equity
Whether a cash-out refinance is suitable depends on your circumstances — these are common examples, not promises.
01Home improvements
Funding renovations or updates to the property.
02Debt consolidation
Potentially combining higher-interest debt into one loan.
03Major expenses
Covering significant planned or unplanned costs.
04Financial flexibility
Keeping liquidity available for opportunities or needs.
Example scenario
See how it could work
The homeowner
An owner with equity built up in the property.
The structure
A new, larger mortgage replaces the existing loan.
The cash
A portion of available equity received as cash, subject to requirements.
The terms
The full refinanced balance follows the new loan terms.
Illustrative example only. Actual financing structure, terms, eligibility, and availability vary.
A closer look
Before replacing your current mortgage
A cash-out refinance replaces the existing first mortgage — the original loan goes away and the new loan becomes your first mortgage, with new terms applied to the entire refinanced balance.
If you have an attractive existing mortgage rate, it may be worth exploring whether a HELOC or other home-equity option could access your equity while leaving your first mortgage in place.
Ask Flash
“What’s the difference between cash-out and a HELOC?”
Plain-English educational answers — not personalized advice.
Frequently asked questions
Ready to explore your options?
Build your scenario and see whether Cash-Out Refinance or another mortgage solution may be worth exploring.
Program recommendations are informational until reviewed by an appropriately licensed mortgage professional. All loans are subject to credit and property approval; terms, eligibility, and availability vary.