- Personal Finance
- Mortgages
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
Hal Bundrick, CFP® · Senior Writer Updated Mon, December 1, 2025 at 7:01 PM GMT+8 11 min read Getting cash from the equity in your home may seem like a dream come true. You probably thought you wouldn't see that money until you sold your home. But a cash-out refinance does just that: By replacing your existing mortgage, you can draw a lump sum from the value accrued in your home. Here are the leading cash-out refinance mortgage lenders to choose from.
The best cash-out refinance lenders: December 2025
Best cash-out mortgage refinance lender overall: Truist Bank
Why Truist Bank mortgage refinancing stands out: Truist is a mortgage provider that leaves little to be desired. It offers numerous cash-out refinance options and lower-than-median loan costs.
Truist Bank cash-out refinance details
-
Availability: 17 states and Washington, D.C.
-
Types of cash-out refinancing: Conventional, FHA, VA, and jumbo.
-
Minimum credit scores: 620
Pros
-
Truist refinancing mortgage rate estimates can be adjusted by one, or zero, discount points — one of our favorite tool options.
-
The lender offers cash-out refinancing on conventional, VA, FHA, and jumbo loans.
-
Mortgage rate locks for refinancing are available for up to 90 days.
Cons
-
Truist ranks near the bottom of the 2025 J.D. Power customer satisfaction survey for mortgage originators.
-
The lender only offers mortgages in 17 U.S. states and Washington, D.C.
Up Next
Best cash-out refinance lender for conventional loans: Bank of America
Why Bank of America mortgage refinancing stands out: Bank of America does big business in conventional loans. It also offers a unique tool to help you get started with a cash-out refinance: a market estimate that tells you how much your home may be worth.
Bank of America cash-out refinance details
-
Availability: All 50 states and Washington, D.C.
-
Types of cash-out refinancing: Conventional, FHA, VA, and jumbo
-
Minimum credit scores: "We don’t publish minimum credit scores," a Bank of America representative told Yahoo Finance via email
Pros
-
Bank of America has a very useful home value estimator, which is a good first step in exploring a cash-out refinance loan.
-
Existing customers may qualify for interest rate reductions or a lower origination fee.
-
BofA offered lower-than-median interest rates to borrowers in 2024, according to Home Mortgage Disclosure Act data.
-
The lender ranks high in customer satisfaction, according to J.D. Power.
Cons
-
Bank of America only offered borrowers average loan costs in 2024.
Learn when you should refinance with the same mortgage lender.
Best cash-out refinance lender for jumbo loans: Citi Mortgage
Why Citi Mortgage refinancing stands out: Citi Mortgage has a proven track record of refinancing loans with median amounts in the seven-figure range. That puts them in the sweet spot for jumbo loan cash-out refinancing.
Citi Mortgage cash-out refinance details
-
Availability: All 50 states and Washington, D.C.
-
Types of cash-out refinancing: Conventional, FHA, VA, and jumbo
-
Minimum credit scores: A Citi representative told Yahoo Finance that the lender doesn’t provide minimum credit scores
Pros
-
With a median loan refinance amount exceeding $1 million in 2024, Citi is well-positioned (and apparently very willing) to tackle jumbo refinancing.
-
The Citi mortgage refinancing guide walks you through six steps of the loan process and includes relevant calculators.
-
New and existing Citibank customers may qualify for interest rate discounts or a closing cost credit on a cash-out refinance.
-
Citi ranks number one for customer satisfaction among mortgage originators, according to J.D. Power.
Cons
-
Loan costs were higher than the national median in 2024.
Best cash-out refinance lender for VA loans: Pennymac
Why Pennymac mortgage refinancing stands out: Pennymac is a top-five VA lender by volume in the U.S., so it is a go-to resource for a VA cash-out refinance.
Pennymac cash-out refinance details
-
Availability: All 50 states and Washington, D.C.
-
Types of cash-out refinancing: Conventional, FHA, VA, and jumbo
-
Minimum credit scores: 620 for conventional, 580 for FHA and and VA loans
Pros
-
A home value tool allows you to put in an address, get an estimated price per square foot, and explore sales of comparable homes in your neighborhood.
-
Even if the VA does not back your original mortgage, you may still qualify for a VA cash-out refinance if you have service-related eligibility.
-
Pennymac offered below-median mortgage rates to borrowers in 2024.
Cons
-
Pennymac offered loan costs significantly higher than the median in 2024.
Best cash-out refinance lender for FHA loans: AmeriHome
Why AmeriHome mortgage refinancing stands out: AmeriHome is a top-10 FHA lender by volume and offers cash-out refinancing specifically for FHA mortgages.
AmeriHome cash-out refinance details
-
Availability: Originates loans in 47 states and Washington, D.C. (excluding Massachusetts, Nevada, and New York)
-
Types of cash-out refinancing: Conventional, FHA, VA, and jumbo
-
Minimum credit scores: AmeriHome's website does not provide minimum required credit scores, and a request from Yahoo Finance was not answered by the time of publication
Pros
-
A refinance break-even calculator helps you determine how many months it will take to cover the costs of the refi.
-
AmeriHome accepts alternative credit data for borrowers who lack a traditional credit history or a consistent income. That can include using bank statements and assets to qualify.
Cons
-
A "free instant rate quote" requires contact by email or phone from AmeriHome, third parties, or artificial intelligence.
-
Doesn't originate mortgages in Massachusetts, Nevada, or New York.
Best cash-out refinance lender for borrowers with bad credit: Rocket Mortgage
Why Rocket Mortgage refinancing stands out: Rocket Mortgage is the largest retail mortgage lender in the nation. More importantly, it offers flexibility in refinancing mortgages for those with less-than-perfect credit scores.
Rocket Mortgage cash-out refinance details
-
Availability: All 50 states and Washington, D.C.
-
Types of cash-out refinancing: Conventional, FHA, VA, and jumbo
-
Minimum credit scores: 620 for conventional, 580 for FHA, and 580 for VA loans
Pros
-
You can qualify for a cash-out refi with a credit score as low as 580. However, if you have a conventional rather than a government-backed loan, the minimum credit score required is 620.
-
Rocket Mortgage says you'll get loan options in as little as five minutes with no hit to your credit score.
-
A home equity calculator will help you decide if a cash-out refinance will work for you.
Cons
-
For years, Rocket topped the J.D. Power customer satisfaction survey. Today, it is barely above the study average.
Read our complete Rocket Mortgage review.
What is a cash-out refinance, and how does it work?
Cash-out refinancing rolls your home equity into a new loan. You can use that money to pay off high-interest credit cards, make home improvements, or anything else. The cash you take out is added back to your loan with new terms and a new mortgage interest rate.
So, yes, you receive a substantial check for the value locked up in the walls of your home, but you're paying interest on that money as part of the additional debt you incur.
To get a cash-out refinance:
-
You will need an appraisal of your home's current market value.
-
Then, determine the loan-to-value ratio (LTV) that the lender will require.
-
The lender will submit the loan to typical credit qualifications (your credit score, debt-to-income ratio, etc.) during the underwriting process.
-
You close on the loan and get your check.
How much can you get with a cash-out refinance?
The cash you receive is based on a loan-to-value (LTV) ratio. Often, that's up to a maximum of 80%, although the percentage varies depending on the type of loan. Here's how that's calculated.
Say you have a home with a market value of $ 350,000 and a mortgage balance of $250,000. The market value is multiplied by 80%. The mortgage balance is then subtracted to determine that you can access $30,000 of your home's equity.
350,000 X 0.80 = 280,000
280,000 - 250,000 = 30,000
Cash-out refinancing for government home loans
Government loans can have different qualifications and guidelines.
-
VA loans for borrowers with a military connection may allow up to 90% LTV (sometimes even 100%).
-
VA loans have one-time funding fees.
-
FHA loans typically have more lenient credit score requirements.
-
FHA loans require up-front and ongoing mortgage insurance premiums (MIPs).
-
USDA loans do not allow cash-out refinancing.
Tips for choosing the best cash-out refinance lender
When choosing the best mortgage lender for a cash-out refinance, you may be thinking of one thing: getting the big check. However, the most effective way to manage debt generally boils down to the interest rate you earn and the fees you pay.
You might be surprised by just how much loan offers can vary from lender to lender. One mortgage lender might offer you a super low rate — but then hit you with hefty fees. You need to find the right balance: a fair rate and reasonable fees.
That's the power of comparison shopping among lenders. When you get preapproved for a mortgage, you'll be able to put loan offers side by side to determine which lender is giving you the best overall deal. Sure, it's a pain. Yes, it takes time. And most people are just happy to get a one-and-done loan offer.
But they're the ones who don't realize how much they could have saved over the long term with a better interest rate and lower fees. You do. And you'll still get the big check.
-
Follow these 8 strategies to get the lowest interest rate on a mortgage.
Alternatives to cash-out refinancing
Instead of a new mortgage, you might consider a second mortgage. That's what home equity loans and lines of credit are. You keep your current mortgage and add another home loan — and another monthly payment.
Home equity loans
Home equity loans give you a lump-sum payment of equity. If you have a great interest rate on your primary mortgage, a HEL gives you the same lump sum access as a cash-out refi, without giving up your low mortgage rate.
Home equity lines of credit (HELOCs)
HELOCs allow you to withdraw equity over time and pay interest only on the amount borrowed. Again, with a HELOC, just as with the HEL, you keep your primary mortgage rate instead of trading in your existing mortgage for a new cash-out refinance loan.
Some HELOC lenders will allow you to take a sizeable sum at initiation, but the draw-cash-as-you-need-it HELOC can reduce your interest costs.
Learn more and compare:
-
Cash-out refinance vs. HELOC
-
Cash-out refinance vs. home equity loan
Best cash-out refinance mortgage lender FAQs
Which bank is best for cash-out refinancing?
Banks can have a lot of flexibility when it comes to cash-out refinancing because they want to expand their relationships with customers. So, your current bank could be the best bank for a cash-out refinance. As an existing client, you may receive fee discounts or interest rate breaks. It's always a good idea to shop for different types of lenders, though. Consider a bank, a credit union, and a retail mortgage lender to find which one offers you the best terms.
What is the current rate for a cash-out refinance?
Cash-out refinance mortgage rates vary daily. As of late November 2025, the 30-year fixed refinance rate was 6.18%, according to Zillow. That's for a regular refinance, not a cash-out. It is essential to note that cash-out refinance rates are typically slightly higher than traditional refinance rates. That's because lenders believe a homeowner tapping the equity in their home and adding that sum to a new loan carries more risk than a borrower who has paid down a chunk of principal. Refi rates also vary by location and your creditworthiness.
Is it hard to get approved for a cash-out refinance?
Not necessarily. It is, after all, just another mortgage. The usual credit parameters come into play: your debt-to-income ratio, credit score, and payment history. Obviously, you'll also need to have some equity in your home. The amount required varies by the type of loan, but a minimum of 20% is a common guideline.
What is the minimum credit score for a cash-out refinance?
You’ll typically need a minimum 620 credit score for a conventional cash-out refinance, but government home loans (like FHA loans) have more lenient requirements.
Our methodology: How we chose the best cash-out refinance lenders
Yahoo Finance reviews mortgage lenders based on five primary considerations: 1) Interest rates. Using 2024 Home Mortgage Disclosure Act data from almost 5,000 mortgage companies, we analyze mortgage lenders based on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the willingness of a lender to offer government-backed loans, low down payments, down payment assistance, and consideration of nontraditional credit. 3) Loan costs. HMDA data is again analyzed, and total loan costs are compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We also consider whether rates are enhanced with discount points or high credit score requirements, disclaimers revealing rate assumptions, sample advertised rates, and whether adjustable or no discount point rate estimates are available. 5) Online features. An analysis of the educational material, calculators, and additional resources available to users.
Advertisers or sponsorships do not influence ratings.
Editorial disclosure for mortgages:
The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.
Laura Grace Tarpley edited this article.
Read More
How much home equity do you need to refinance your mortgage?
To refinance your mortgage, you need a certain amount of home equity. The rules vary by loan type and refi program. Learn how much equity you need to refinance.
Best mortgage refinance lenders right of December 2025
The best mortgage refinance companies charge low interest rates and fees, and they often have unique perks for customers. Find your best mortgage refinance lender.
Should you refinance your mortgage with the same lender?
You can usually refinance your mortgage with the same bank or lender, but you don’t have to. Learn the pros and cons of using the same lender.
How much does it cost to refinance a mortgage?
A mortgage refinance can cost 2% to 6% of the loan amount. Learn what impacts these costs and how to lower or eliminate what you pay up front.
Low-cost refinance: How to cut fees and save more on your mortgage
You can get a low-cost refinance by shopping for mortgage lenders or boosting your credit score. Learn how to lower your refi costs, both at closing and long term.
Best mortgage lenders of December 2025
The best mortgage lenders offer low interest rates, a range of loan programs, and high customer satisfaction. Choose the best mortgage lender for your needs.
