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Best Cash-Out Refinance Lenders of May 2026
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Best Cash-Out Refinance Lenders of May 2026

Kate Wood
Johanna Arnone
+1
Kate Wood
+2
Written by 

Kate Wood

,  Co-Written by 

Johanna Arnone

,  Edited by 

Jeanette Margle

Written by 

Kate Wood

 and 
2 others
Last updated 04/30/2026
A cash-out refinance lets you refinance your mortgage and borrow money from your house at the same time.
 

This service is free and will not affect your credit score.

Compare the best debt consolidation loans for you, in one place

What's a cash-out refinance?

With a cash-out refinance, you replace your current mortgage with a new, larger loan. The difference between your new loan amount and what you previously owed is how much you "cash out." That money is yours to spend as you choose.
This new mortgage will have a different interest rate and repayment term. You may even switch to a different kind of mortgage with a cash-out refinance.
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Best for military borrowers

Navy Federal

NMLS#399807

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

Undisclosed

National / regional

National

GET MY RATE

Our take on Navy Federal

The Nerdy headline

Navy Federal is known for VA lending, and it's a big cash-out refinance lender by volume. You'll need a military connection to join the credit union.

What we like
  • Offers low cash-out refinancing rates and fees compared with other lenders.
  • 24/7 customer service supports borrowers stationed overseas.
What we don't like
  • Borrowers must join the credit union before applying for a mortgage, and all borrowers on the loan must be members for the loan to close.
  • Cash-out refinance loans make up a relatively small share of Navy Federal's total home loans.
Read our full review of Navy Federal

Best for North Carolina borrowers

State Employees' Credit Union

NMLS#430055

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

600

National / regional

Regional

GET MY RATE

Our take on State Employees' Credit Union

The Nerdy headline

State Employees’ Credit Union in North Carolina is worth checking out for those who meet its membership criteria — especially its low cash-out refinance rates. But cash-out refi makes up a small share of SECU's total home loans, and it doesn’t offer government-backed mortgages.

What we like
  • Low average cash-out refinance rates compared to other lenders.
  • Big cash-out refinance lender, by loan volume.
What we don't like
  • Credit union membership eligibility is limited.
  • Loans only available in five states.
Read our full review of State Employees' Credit Union

Best for rate transparency

Andrews Federal Credit Union

NMLS#410421

NerdWallet rating

4.5

Cash-out refinancing
Min. credit score

620

National / regional

National

GET MY RATE

Our take on Andrews Federal Credit Union

The Nerdy headline

Andrews Federal Credit Union is on the smaller side, but offers big value through low cash-out refinancing rates and fast closings. Its online rate quote tool is exceptionally informative.

What we like
  • Low average cash-out refinance rates compared to other lenders.
  • Offers free, one-time “float down” if mortgage rates drop while your loan is in progress.
  • Online rate tool is exceptionally user-friendly and detailed.
What we don't like
  • Cash-out refinance loans make up a relatively small share of Andrews' total home loans.
  • U.S. branches limited to Maryland, Virginia, Washington, D.C. and New Jersey.
Read our full review of Andrews Federal Credit Union

Best for making cash-out refis widely accessible

Bank of America

NMLS#399802

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

N/A

National / regional

National

GET MY RATE

Our take on Bank of America

The Nerdy headline

Bank of America offers standard big-bank benefits: loan variety, nationwide branches and a mobile app. It’s a solid pick for existing banking customers, and cash-out refi rate shoppers.

What we like
  • Low average cash-out refinance rates compared to other lenders.
  • Big cash-out refinance lender, by loan volume.
  • Banking customers can get discounted interest rates or fees.
What we don't like
  • Online rate quote tool doesn’t personalize by credit score.
  • Cash-out refinance loans make up a relatively small share of Bank of America's total home loans.
  • Doesn’t offer home equity loans.
Read our full review of Bank of America

Best for low APRs for cash-out refis

USAA

NMLS#401058

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

620

National / regional

Regional

GET MY RATE

Our take on USAA

The Nerdy headline

USAA does big business in cash out refi and is among the top VA loan lenders by volume, though conventional loans are available, too. USAA membership is open only to current and former military and eligible family members.

What we like
  • Wide range of VA options, including refinancing.
  • Offers low cash-out refinancing rates compared with other lenders.
What we don't like
  • Cash-out refinance loans make up a small share of USAA's total home loans.
  • Does not offer home equity loans or HELOCs.
Read our full review of USAA

Best for low APRs for cash-out refis

Flagstar

NMLS#417490

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

N/A

National / regional

National

GET MY RATE

Our take on Flagstar

The Nerdy headline

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

What we like
  • Offers a wide range of loan types and products, including FHA, VA and USDA.
  • Borrowers can apply and track loan status online.
  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.
What we don't like
  • Home equity loans are geographically limited.
  • Origination fees are on the high side compared with other lenders, according to the latest federal data.
Read our full review of Flagstar

Best for cash-out refinancing overall

Wells Fargo

NMLS#399801

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

620

National / regional

National

GET MY RATE

Our take on Wells Fargo

The Nerdy headline

Good for: existing customers of the bank looking for a wide selection of mortgage products.

What we like
  • Sample rates clearly posted for various loan products.
  • Offers a wide variety of loan types and products.
  • Mortgage rates tend to be on the low side compared with other lenders, according to the latest federal data.
What we don't like
  • Home loans business is broadly focused on bank customers.
  • Doesn’t offer home improvement loans, or home equity loans or lines of credit.
  • Scandals and government actions have damaged consumer trust in recent years.
Read our full review of Wells Fargo

Best for low APRs for cash-out refis

NBKC

NMLS#409631

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

620

National / regional

National

GET MY RATE

Our take on NBKC

The Nerdy headline

Good for: borrowers who want a user-friendly online application with phone support. VA loans are an emphasis.

What we like
  • Displays customized rates, with fee estimates, without requiring contact information.
  • Efficient customer service over the phone or through online chat.
What we don't like
  • Physical branches are limited to the Kansas City metro area.
Read our full review of NBKC

Best for making cash-out refis widely accessible

Truist

NMLS#399803

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

620

National / regional

National

GET MY RATE

Our take on Truist

The Nerdy headline

Good for: refinancers looking for lower-than-average rates on conventional loans.

What we like
  • Cash-out refinance rates are lower than industry average, according to the latest federal data.
  • Offers an online application, document upload and mobile app.
What we don't like
  • Customized rates aren't available online without contacting the lender.
  • For borrowers who prefer to apply in person, branches are limited mostly to the South and East.
  • Refinances are not available in Alaska, Arizona or Hawaii.
Read our full review of Truist

Best for strong market share for cash-out refinance

Chase

NMLS#399798

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

N/A

National / regional

National

GET MY RATE

Our take on Chase

The Nerdy headline

Good for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates.

What we like
  • Carries a wide variety of mortgage types and products, including DreaMaker and Standard Agency mortgages, with down payments as low as 3%.
  • Offers low rates compared with other lenders, according to the latest federal data.
  • Offers a customizable mortgage calculator for personalized rate and payment estimates.
What we don't like
  • Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
  • You have to speak with a home loan adviser to complete the application.
  • Home equity lines of credit (HELOC) are currently unavailable.
Read our full review of Chase

Best for rate transparency

PNC Bank

NMLS#446303

NerdWallet rating

4.5

Cash-out refinancing
Min. credit score

620

National / regional

National

GET MY RATE

Our take on PNC Bank

The Nerdy headline

PNC Bank has a wide selection of loans (even for lower credit scores) and a streamlined digital experience. It's a big player in the cash out refinance market, but this loan type does not represent a large share of the bank's overall home lending.

What we like
  • Big cash-out refinance lender, by loan volume.
  • Online rate quotes are informative and easy to customize.
What we don't like
  • Cash-out refinance loans make up a small share of PNC's total home loans.
  • In-person service not available in all states.
Read our full review of PNC Bank

Best for easy-to-join credit union

PenFed

NMLS#401822

NerdWallet rating

4.5

Cash-out refinancing
Min. credit score

620

National / regional

National

GET MY RATE

Our take on PenFed

The Nerdy headline

Anyone can join PenFed Credit Union, which boasts lower-than-average mortgage rates and deep familiarity with VA loans.

What we like
  • Offers fully-underwritten preapproval with the option of a 60-day rate lock.
  • Average mortgage rates are low compared with other lenders, according to the latest data.
  • Originates significantly more VA loans than the average lender.
What we don't like
  • Getting customized mortgage rates requires providing contact information.
Read our full review of PenFed

How we chose the best cash-out refinance lenders

Our team of mortgage experts follows an objective, consumer-first methodology to assess cash-out refinance lenders and pick the best.

40+

Lenders reviewed

We review more than 40 lenders, including major banks, credit unions, and online lenders operating across multiple states.

8

Categories assessed

Each lender is evaluated across eight weighted categories covering covering cash-out refinance as a percent of lending business, overall share of the cash-out refinance loan market, rates and fees, rate transparency and customer experience.

11,000+

Data points analyzed

Our team tracks and reassesses thousands of data points annually for reviewed lenders, ensuring up-to-date, accurate comparisons across multiple loan types.

Star rating categories

We evaluate the following categories and carefully weigh how each factor impacts your experience.
NerdWallet rates refinance loan lenders based on what matters most to eligible borrowers: cash-out refinance rates and fees, how much of a lender’s business is dedicated to cash-out refinance loans, the lender’s cash-out refinance loan market share, product accessibility, customer experience and rate transparency.
We review more than 40 lenders and score refinance lenders using a weighted system that prioritizes affordability and experience serving cash-out refinance borrowers. Lenders earn higher scores for offering lower borrowing costs, strong participation in the cash-out refinance market, broad availability and clear, accessible rate information, along with a smooth borrowing experience from application through closing.
We use a mix of lender-provided information, publicly available data and our own analysis to evaluate each lender. Recent regulatory actions may affect a lender’s score.
For inclusion on the roundup, lenders must achieve a high NerdWallet rating for cash-out refinance loans.

How much cash you can get

The amount of cash you can get depends on your home equity — how much your home is worth minus how much you owe.
Say your home is worth $400,000 and you owe $100,000. That means you have $300,000 in equity.
Most lenders will lend up to 80% of your home’s value, minus your mortgage balance. In the example above, you could borrow a maximum of $220,000.
Home Value
Remaining Mortgage Balance
Home Equity (Subtract Mortgage Balance from Home Value)
Max Borrowing Limit
$400,000
$100,000
$300,000
(0.8 x $400,000) - $100,000 = $220,000
Also, the bank won't lend you more than you can afford to repay every month. That could limit the amount you can borrow.
You'll need an appraisal to determine your home's current value. If your home has increased in value since you bought it, you may have more equity than just what you've gained from paying down principal.
You can use the money from a cash-out refinance however you wish. But this is still a mortgage: since the loan is secured by your house, you risk foreclosure if you can’t pay it back. If your monthly payments will be higher, make sure you can cover them. It’s wise to use any cash you’re taking out for something that will appreciate, like renovations to your home that will boost its value.
🤓

Nerdy Tip

Just bought your home and wondering if you can borrow from your equity yet? Most loans have a waiting, or “seasoning,” requirement of at least six months before you can get a cash-out refinance. Within that guideline, you can refinance as often as you want — but you’ll pay closing costs each time.
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Pros and cons of a cash-out refinance

Pros
  • Potentially lower interest rate (if rates dropped since your purchase).
  • Simple repayment: One loan, one bill to remember.
  • Access more funds at a potentially lower rate than a personal loan or credit card.
Cons
  • Potentially higher interest rate (if rates went up since your purchase).
  • Risk of foreclosure if you can’t make the payments.
  • Closing costs run 2%-6% of the new loan amount.
  • Funds aren’t instant: Underwriting can take weeks.

Alternatives to a cash-out refinance

A cash-out refinance isn't the only way to access your equity. If you don’t want a new interest rate or repayment terms, you might be better off getting a second mortgage instead. Home equity loans or lines of credit are alternatives for borrowing from your home equity without refinancing your entire mortgage.
Keep in mind that second mortgages often have higher rates than primary mortgages. This is because the more liens you have against your home, the riskier you are as a borrower.

Home equity line of credit, or HELOC

A HELOC is a line of credit (similar to a credit card) that is secured by your home. You’re usually able to borrow up to 85% of your equity, pay it down and borrow again. The interest rate is usually variable, moving up and down with the market.
HELOCs can be a great fit if you don’t know exactly how much you’ll need to borrow (for example, if you’re completing a series of projects) or if you don’t want to touch your primary mortgage.
» MORE: Best HELOC lenders

Home equity loans

If you know exactly how much you need to borrow, you might consider a home equity loan, which you receive as a lump sum and pay back at a fixed rate.
» MORE: Best home equity loan lenders
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