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10 Best Cash-Out Refinance Lenders of 2021

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.

NerdWalletJun 7, 2021

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A 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.

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees, adjusted their minimum required credit scores or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Summary of Best Cash-Out Refinance Lenders of 2021

Rocket Mortgage by Quicken Loans
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at Rocket Mortgage by Quicken Loans

Rocket Mortgage by Quicken Loans: NMLS#3030

4.5

NerdWallet rating 
Rocket Mortgage by Quicken Loans

Min. Credit Score

620

National / Regional

National
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at Rocket Mortgage by Quicken Loans

Why we like it

Good for: refinance borrowers who want a fully digital home loan experience powered by Quicken Loans.

Pros

  • Offers conventional and government-backed refinance mortgages.

  • Customized loan recommendations based on refinance goals.

  • Offers document and asset retrieval capabilities.

Cons

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

  • Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.

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Guaranteed Rate
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

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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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: refinancers 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

  • Fixed- and adjustable-rate refinance options.

  • Customized refinance rate quotes available online without providing personal info.

Cons

  • You have to speak with a home loan advisor to complete the application.

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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

640

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 VA IRRRL, or “streamline,” and cash-out refinance loans.

  • Access to 24/7 customer service over the phone.

  • Has online application and pre-qualification.

  • Offers a free credit counseling service.

Cons

  • Veterans United has physical branch offices in only 18 states.

  • Information on refinances for FHA, USDA and conventional loans is harder to find on their website.

  • Charges higher rates and fees than some other lenders.

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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 over 200 affiliated loan stores nationwide 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

4.0

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

  • No FHA, VA or USDA refinance products.

  • Available only in a dozen states.

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Caliber
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Caliber: NMLS#15622

3.5

NerdWallet rating 
Caliber

Min. Credit Score

580

Min. Down Payment

0%
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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)
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SunTrust (Truist): NMLS#2915

5.0

NerdWallet rating 
SunTrust (Truist)

Min. Credit Score

620

National / Regional

National
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Why we like it

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

Pros

  • 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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Bank of America
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Bank of America: NMLS#399802

5.0

NerdWallet rating 
Bank of America

Min. Credit Score

620

National / Regional

National
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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 refinance mortgages with fixed and adjustable rates.

  • Allows borrowers to apply entirely online.

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

Cons

  • Does not offer renovation loans.

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Alliant
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Alliant: NMLS#197185

4.5

NerdWallet rating 
Alliant

Min. Credit Score

N/A

National / Regional

National
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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 June 7, 2021

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 2021