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Best Cash-Out Refinance Lenders of December 2025
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Best Cash-Out Refinance Lenders of December 2025

Kate Wood
Abby Badach Doyle
+1
Kate Wood
+2
Written by 

Kate Wood

,  Co-Written by 

Abby Badach Doyle

,  Edited by 

Jeanette Margle

Written by 

Kate Wood

 and 
2 others
Last updated 04/02/2025
A cash-out refinance could help if you need money for major home repairs or renovations, or if you want to consolidate high-interest debt.
 

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

Compare the best debt consolidation loans for you, in one place
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Best for cash-out refinances overall

Rocket Mortgage, LLC

NMLS#3030

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

580

National / regional

National

GET MY RATE

Our take on Rocket Mortgage, LLC

The Nerdy headline

Rocket Mortgage, the largest mortgage lender by volume, offers a seamless digital experience and fast closings.

What we like
  • Reported average time to close is 15 days faster than industry average.
  • High volume of FHA and VA loans.
  • Borrowers can apply via mobile app.
What we don't like
  • Average origination fees are on the higher end, according to the latest federal data.
  • Physical branches are only available in Detroit, Cleveland, and Phoenix.
Read our full review of Rocket Mortgage, LLC

Best for active military and veterans

Navy Federal

NMLS#399807

NerdWallet rating

4.5

Cash-out refinancing
Min. credit score

N/A

National / regional

National

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Our take on Navy Federal

The Nerdy headline

Known for its VA loans, Navy Federal Credit Union offers flexible VA-like loan options for military borrowers who have exhausted their VA benefit.

What we like
  • Offers flexible VA-like loan options for those who have exhausted their VA loan benefit.
  • 24/7 customer service supports borrowers stationed overseas.
What we don't like
  • Borrowers must join the credit union before applying for a mortgage.
  • Does not offer FHA loans.
  • We sometimes waited longer than 10 minutes before connecting with a customer service representative.
Read our full review of Navy Federal

Best for credit union experience

PenFed

NMLS#401822

NerdWallet rating

4.5

Cash-out refinancing
Min. credit score

620

National / regional

National

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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

Best for overall mortgage experience

U.S. Bank

NMLS#402761

NerdWallet rating

4.5

Cash-out refinancing
Min. credit score

N/A

National / regional

National

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Our take on U.S. Bank

The Nerdy headline

U.S. Bank stands out for online convenience and impressive mortgage options, from government-backed loans to boutique mortgages for doctors and self-employed borrowers.

What we like
  • Wide variety of mortgage types.
  • Convenient digital tools to shop for rates and apply online.
What we don't like
  • Online rate tool doesn’t customize by credit score.
Read our full review of U.S. Bank

Best for traditional lending experience

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 variety of appealing mortgage options, including jumbo refinance loans. It's simple to browse rates and apply online.

What we like
  • Customizable mortgage rates are posted online.
  • Offers FHA and VA cash-out refinances.
What we don't like
  • Average mortgage rates are on the high side, according to the latest federal data.
  • In-person service is not available in every state.
Read our full review of PNC Bank

Best for rate transparency

Pennymac

NMLS#35953

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

620

National / regional

National

GET MY RATE

Our take on Pennymac

The Nerdy headline

Pennymac, known for government loans, stands out for a refreshingly transparent digital experience and competitive perks.

What we like
  • Easy to personalize a quote and apply online.
  • Average interest rates are on the low side.
What we don't like
  • Origination fees are on the higher end, according to the latest federal data.
  • Online chat is available only in the logged-in experience.
Read our full review of Pennymac

Best for highly rated mobile app

loanDepot

NMLS#174457

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

520

National / regional

National

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Our take on loanDepot

The Nerdy headline

LoanDepot, a large nonbank lender, has a highly rated mobile app and can close loans quickly.

What we like
  • Offers a variety of repayment terms for fixed-rate loans.
  • Does a substantial amount of business in FHA lending.
What we don't like
  • Interest rates are not available on the website.
  • Origination fees are on the higher end, according to the latest federal data.
Read our full review of loanDepot

Best for fast closings

Network Capital

NMLS#11712

NerdWallet rating

5.0

Cash-out refinancing
Min. credit score

540

National / regional

Regional

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Our take on Network Capital

The Nerdy headline

Network Capital offers alternative mortgage options with flexible requirements, as well as fast closings.

What we like
  • Reported average time to close is 20 days, far below the industry average.
  • Products like non-QM loans and ITIN loans make borrowing more accessible.
What we don't like
  • The lender’s website offers limited loan details.
Read our full review of Network Capital

Best for traditional lending experience

Citibank

NMLS#412915

NerdWallet rating

4.5

Cash-out refinancing
Min. credit score

N/A

National / regional

National

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Our take on Citibank

The Nerdy headline

As a large national bank, Citi offers solid customer support, a highly rated mobile app and discounts for existing banking customers.

What we like
  • Very low average interest rates compared to other lenders, according to the latest federal data.
  • Closing cost credits and interest rate discounts available.
  • Highly rated mobile app.
What we don't like
  • Preapproval and application require a phone call to complete.
  • Must contact the lender for customized rate quote.
Read our full review of Citibank

Best for low average interest rates

Carrington

NMLS#2600

NerdWallet rating

4.5

Cash-out refinancing
Min. credit score

550

National / regional

National

GET MY RATE

Our take on Carrington

The Nerdy headline

Carrington Mortgage offers VA and FHA loans as well as specialty loans for people who might have trouble qualifying for a mortgage elsewhere, like self-employed borrowers or those with heavy debt.

What we like
  • Considers borrowers with bad credit, foreclosure or bankruptcy.
  • Accepts self-employed borrowers.
  • Mortgage origination fees are on the low side, according to the latest federal data.
What we don't like
  • Average interest rates are on the high side, according to the latest federal data.
  • Doesn’t post interest rates online.
  • No online chat for customer service.
Read our full review of Carrington

Best for FHA loans

AmeriSave

NMLS#1168

NerdWallet rating

4.5

Cash-out refinancing
Min. credit score

580

National / regional

National

GET MY RATE

Our take on AmeriSave

The Nerdy headline

AmeriSave offers helpful online tools, customer service and comparably low rates, as well as refinance discounts for eligible purchase loan customers.

What we like
  • "Offers discounts on refinances to purchase loan customers.
  • Has low average rates compared with other lenders, according to the latest federal data.
What we don't like
  • Average origination fees are on the high side compared to other lenders, according to the latest federal data.
  • Mortgage rates are not published online.
  • Doesn’t originate mortgages in the state of New York.
Read our full review of AmeriSave
The star ratings on this page reflect each lender's rating for cash-out refinancing. We scored the category and chose lenders for this page using the following methodology:
NerdWallet reviewed more than 40 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.
All reviewed mortgage lenders that offer cash-out refinancing were evaluated based on (1) cash-out refinance loan volume, (2) cash-out refinance origination fees, (3) their rate transparency and (4) the ease of their online application. The highest scoring lenders appear on this page.
NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2023 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.

What's a cash-out refi?

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 owed is how much you "cash out."

How much cash you can get

The amount of cash you can get depends upon 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 make you keep at least 20% equity in your home. In the example above, the house is worth $400,000, and 20% of that is $80,000. You could borrow up to $320,000 in a cash-out refinance: the $400,000 value minus $80,000 in equity.
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.
When getting a cash-out refinance, you can use the money however you wish. However, since the loan is secured by your house, you risk foreclosure if you can’t pay it back. Funds from a cash-out refinance can be helpful to pay for:
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Nerdy Tip

What if you’ve gotten a cash-out refinance before, but want to do it again? Most loans have a waiting, or “seasoning,” requirement of at least six months. Within that guideline, you can refinance as often as you want — but you’ll pay closing costs each time.
Home equity loans or lines of credit are alternatives for tapping a portion of home equity without refinancing your entire mortgage.
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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 lower rate than with 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 tap your home's equity. You can also explore a HELOC or a home equity loan.

HELOCs

A home equity line of credit, or HELOC, works like a credit card, but is secured by your home. You’re able to borrow up to a certain limit, repay some or all of what you took out, then do it again as needed. The lender uses your home’s value to set the HELOC limit.
You may borrow during a draw period that lasts for several years and pay interest only on the balance. After the draw period ends, you can’t take any more money out, and you'll pay back the principal plus interest.
HELOCs offer flexibility. Many have variable rates, so your monthly payment could increase over time.
» 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.
Home equity loan rates are generally higher than cash-out refinance interest rates, but you can keep your existing rate on your primary mortgage.
» MORE: Best home equity loan lenders
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