Cash-Out Refinance Rate Quotes
Compare cash-out refinance rates from more than 15 lenders and get a personalized quote in minutes. Use Nerdwallet's cash-out refi rate tool to take the pain out of your research and get personalized quotes today.
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About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Mortgage rate trends (APR)
NerdWallet’s mortgage rate insight
The average rate on a 30-year fixed-rate mortgage fell four basis points, the rate on the 15-year fixed dropped one basis point and the rate on the 5/1 ARM fell two basis points, according to a NerdWallet survey of daily mortgage rates published Monday by national lenders. A basis point is one one-hundredth of one percent. The average rate on the 30-year fixed has dropped 27 basis points — more than one-quarter of a percentage point — in two weeks. The 30-year fixed is at its lowest level since early January 2018.
Mortgage rates today (APR)
Cash-Out Refinance Rate Quotes
The moment you realized you have equity in your home, you might have smiled. When you found out you could access that locked-up value with a cash-out refinance? You likely laughed out loud with joy.
To get started shopping for a cash-out refi, provide some basic details in NerdWallet’s mortgage rate tool. You’ll get a customized rate quote in practically no time. Then, it’s on to a preapproval — and soon, you’ll have unlocked all that cash hidden in your home.
Your rate research is likely to show that a cash-out refinance has a lower interest rate than home equity loans and home equity lines of credit. Another bonus.
What is a cash-out refinance?
A cash-out refinance is a new loan, replacing your current mortgage. You’ll be borrowing what you currently owe on your existing loan, plus adding whatever cash you take out from your home’s equity to the principal of your new loan.
Remember, equity is the difference between the current market value of your home and what you owe. For example, if your home is now worth $300,000 and you currently owe $175,000, you have $125,000 in equity. Put $65,000 of that in your pocket, and your new loan will be $240,000. Of course, there will be closing costs to be paid, which are often deducted from the equity draw.
How much cash can I get in a cash-out refinance?
Lenders will offer a cash-out refinance for up to 80% of your home’s equity; sometimes more. An appraisal will be required to nail down the current market value.
Best uses for cash-out proceeds are for home upgrades, repairs and improvements. Be very careful about using your home’s value to pay off credit cards. It’s generally not recommended.
How much equity do I need to get a cash-out refinance?
Here’s a ballpark answer: Say closing costs are somewhere around 5%. That may be a little high in some cases, but it gives us a margin of error. With a lender that will write a cash-out refi up to 80% of your home’s value, you’re likely going to need a 75% loan-to-value ratio just to cover the costs. And that’s before you pull any equity out.
Learn more about cash-out refinance:
- Cash-out refinance: How to use one
- Pros and cons of a cash-out refinance
- Cash-out refinance calculator