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10 Best Cash-Out Refinance Lenders of 2022

If you're interested in accessing your home equity with a cash-out refinance, we'll help you choose the best cash-out refi lender. Our top picks include both all-digital online specialists and banks for in-person service.

Jan 6, 2022

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cash-out refinance could be right for you if you need money for home repairs or renovations, or if you want to consolidate high-interest debt. The process involves refinancing your home for more than you owe on the existing mortgage. You get the difference to use on whatever you need. It can be a helpful way to tap your home's equity for major expenses.

Your options for cash-out refinance lenders are extensive, from all-digital outfits with speedy online applications to major banks with branches nationwide for in-person service.

To help you narrow down your choices, NerdWallet has picked some of the best cash-out refinance lenders in several categories so you can quickly determine the right one for you.

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Best Cash-Out Refinance Lenders

Rocket Mortgage, LLC
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at Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

4.0

NerdWallet rating 
Rocket Mortgage, LLC

Min. Credit Score

620

National / Regional

National
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at Rocket Mortgage, LLC


Why we like it

Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.

Pros

  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.

  • Estimates the loan amount you’ll qualify for within minutes.

  • Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.

  • Doesn't offer home equity loans or lines of credit.

  • Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.

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Guaranteed Rate
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating 
Guaranteed Rate

Min. Credit Score

620

National / Regional

National
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at Guaranteed Rate


Why we like it

Good for: homeowners who are looking to refinance conventional, FHA or VA mortgages.

Pros

  • Offers the ability to securely upload and digitally sign loan documents.

  • Displays detailed sample rates for many of its refinance loan products.

Cons

  • May charge an application fee.

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Veterans United
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at Veterans United

Veterans United: NMLS#1907

4.5

NerdWallet rating 
Veterans United

Min. Credit Score

620

National / Regional

National
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at Veterans United


Why we like it

Good for: veterans, active-duty service members and eligible reservists looking to refinance VA or non-VA loans.

Pros

  • Offers 24/7 customer service over the phone.

  • Has online application and prequalification.

  • Offers a free credit counseling service.

  • Employs advisors from each branch of the armed forces.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • Veterans United has physical branch offices in only 17 states.

  • Information on FHA, USDA and conventional loans is harder to find on its website.

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Bank of America
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at Bank of America

Bank of America: NMLS#399802

4.5

NerdWallet rating 
Bank of America

Min. Credit Score

620

National / Regional

National
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at Bank of America


Why we like it

Good for: borrowers who like options. Bank of America offers multiple refinance loans, including FHA, VA and cash-out.

Pros

  • Offers down payment and closing cost assistance programs.

  • May give existing customers a discount on mortgage lender origination fees.

  • Offers home equity line of credit, or HELOC.

Cons

  • Doesn't offer renovation loans that roll costs into a mortgage.

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Chase
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at Chase

Chase: NMLS#399798

4.5

NerdWallet rating 
Chase

Min. Credit Score

620

National / Regional

National
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at Chase


Why we like it

Good for: borrowers who want a name-brand bank with offices in more than half the states that charges lower rates and fees than many other lenders.

Pros

  • Allows electronic submission and tracking of loan documents.

  • Carries a wide variety of mortgage types and products.

  • Generally offers competitive rates, according to the latest data.

Cons

  • 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.

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loanDepot
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at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating 
loanDepot

Min. Credit Score

620

National / Regional

National
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at loanDepot


Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has affiliated loan stores for customers who prefer face-to-face service.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

  • Does not offer home equity loans or lines of credit.

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Reali Loans
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at Reali Loans

Reali Loans: NMLS#991397

4.5

NerdWallet rating 
Reali Loans

Min. Credit Score

620

National / Regional

Regional
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at Reali Loans


Why we like it

Good for: borrowers looking for an online mortgage application experience.

Pros

  • Offers a completely online application process.

  • Posts current interest rates for purchase and refinancing.

  • Provides customized rate quotes online.

Cons

  • Available in just 14 states.

  • Offers fewer loan types and products than other lenders.

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Caliber: NMLS#15622

4.0

NerdWallet rating 
Caliber

Min. Credit Score

580

Min. Down Payment

0%

Why we like it

Good for: first-time home buyers, veterans and those who may have credit challenges to overcome.

Pros

  • Offers extensive educational resources for military borrowers.

  • Provides digital tools for a streamlined application process.

  • Participates in some state down payment assistance and first-time home buyer programs.

Cons

  • No mortgage rates displayed online.

  • Doesn’t offer home equity loans or lines of credit.

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SunTrust (Truist): NMLS#2915

4.5

NerdWallet rating 
SunTrust (Truist)

Min. Credit Score

620

National / Regional

National

Why we like it

Good for: borrowers seeking rate-and-term, cash-out or VA IRRRL refinancing.

Pros

  • Offers a wide variety of loan options, including special programs for doctors.

  • Offers a complete suite of online mortgage application tools and loan tracking.

  • Sample rates and fees are easy to find on the website.

Cons

  • Customized rates aren't available online without starting an application.

  • Branches are limited mostly to the Southeast.

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Alliant: NMLS#197185

4.5

NerdWallet rating 
Alliant

Min. Credit Score

N/A

National / Regional

National

Why we like it

Good for: refinancers who prefer a digital application process.

Pros

  • Offers fixed-rate and adjustable-rate mortgage refinancing with multiple term options.

  • Refinancing available with as little as 5% equity.

Cons

  • Does not offer FHA, VA or USDA mortgage refinancing.

Read Full Review

Last updated on January 6, 2022

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Cash-Out Refinance Lenders of 2022