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Home loans

Cash-Out Refinance

Put the equity you’ve built in your home to work, for renovations, paying off higher-interest debt or other big goals.

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  • Fund home improvements

    Renovate, repair or expand using the equity in your home.

  • Consolidate debt

    Pay off higher-interest balances and combine them into your mortgage.

  • Fixed-rate options

    Choose a fixed rate for a predictable principal-and-interest payment.

  • Guidance on the numbers

    We show how much you can borrow and what it costs before you decide.

How a cash-out refinance works

Cashing out is a mortgage option that lets homeowners take cash from their home’s equity, to pay off debts or make home improvements, by refinancing the home they already own. You replace your current mortgage with a new, larger loan and receive the difference in cash at closing, minus closing costs. In the process, you may also be able to secure a better interest rate and a more manageable monthly mortgage payment.

The advisors at Metro Mortgage LLC are dedicated to helping you access the cash in your home through refinancing.

Things to consider

  • Your loan balance grows. You’ll owe more on your home, and the loan is secured by your property.
  • Closing costs apply. Factor them into how much cash you actually receive.
  • Compare the full cost. Rolling shorter-term debt into a mortgage can lower your monthly payments while increasing the total interest you pay over time.

Not sure a cash-out refinance is the right fit? Our refinance calculator includes a cash-out option, or talk to a loan officer.

FAQ

Cash-out refinance: common questions

How much cash can I take out?

It depends on your home’s appraised value, your current balance and the program’s limits. Conventional cash-out refinances generally let you borrow up to 80% of your home’s value, and VA cash-out options may allow more for eligible veterans.

Do I need an appraisal?

In most cases, yes. The appraisal confirms your home’s current value, which determines how much equity you can access.

Is a cash-out refinance better than a home equity loan?

It depends. A cash-out refinance replaces your first mortgage, which can make sense if you can also improve your rate. A home equity loan or line of credit keeps your current mortgage and adds a second loan. We’ll compare both with you.

Keep exploring

Refinancing may lower your monthly payment, but total finance charges may be higher over the life of the loan.

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