Cash-out refinance

Turn your home’s equity into cash

A cash-out refi from Rocket Mortgage® is a smart way to shape a brighter financial future. Use it to pay down debt, update your space, or step into a more comfortable mortgage.

See what’s possible
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Get a mortgage that fits your life & goals

Swap your current mortgage for one that gives you more. The difference comes to you as cash, often with a lower rate and more time to repay than other loans.

Calculate your equity
Step 1: Know your equity. Home equity equals home value minus loan balance. Step 2: Get the cash you need. New loan amount minus Old loan balance equals cash funds to you.

For Illustrative purposes only to show how to calculate tappable equity

Lock a new rate & get funded

Equity becomes cash

Get cash without selling your home, then use it for debt consolidation, renovating, or investing in your future

Lower interest rate

Replacing high-interest debt with a lower rate could save you money over time

One monthly payment

Simplify life by bringing everything together in one mortgage instead of multiple loans or credit cards

Review today’s rates

Discover financial flexibility

Use funds from a cash-out refi to fuel your dreams and make the right moves

Renovate your space and boost equity

Pay for education that opens new doors

Take a big first step towards debt-free living

Invest in yourself and grow your net worth

Estimate my cash-out options
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Guidelines for cash-out refinancing

Check out these guidelines and if your details are close, it may be time to review your options with a Home Loan Expert

Equity

You should have at least 20% equity in your home to take cash out

Estimate my equity

Credit

You’ll typically need a credit score of at least 580, depending on the loan type

About credit

Debt-to-income

You should have a stable income and a debt-to-income ratio that’s comfortable for your budget

About debt-to-income

Your home

You’ll need a clear title and updated appraisal – we can help with this!

About appraisals

Explore, compare, find the right fit

Best for

How it works

Closing costs

Credit score

Cash-out refi

Best for

Take cash out and get a new rate

How it works

A new mortgage that replaces your current.

Closing costs

2%–5% of the loan amount

Credit score

620+

Best for

Access equity without changing your mortgage

How it works

A second loan alongside your current mortgage.

Closing costs

2%–5% of the loan amount

Credit score

680+

Learn more

Home Equity Loan1

Best for

Take cash out and get a new rate

How it works

A new mortgage that replaces your current.

Closing costs

2%–5% of the loan amount

Credit score

620+

Best for

Access equity without changing your mortgage

How it works

A second loan alongside your current mortgage.

Closing costs

2%–5% of the loan amount

Credit score

680+

Learn more
Compare my options

Free resources & guidance

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Cash-out refinance guide

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Cash-out refinance vs. HELOC

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Refinance to pay off debt: Is it right for you?

A man smiles while holding his happy baby wrapped in a blanket.

Cash-out refinance guide

Exterior of a home in the evening, with lights on inside and a family gathering outside.

Cash-out refinance vs. HELOC

A woman smilles while sitting on the porch swing in front of her home

Refinance to pay off debt: Is it right for you?

Questions? We’ve got answers.

 Call (888) 452-8179
Is a cash-out refinance right for me?
A cash-out refinance could be a good fit if you:
  • Have equity in your home that you want to access as cash
  • Have high-interest debt or big upcoming expenses
  • Want one fixed monthly payment
  • Plan to stay in your home for a while and want long-term value
 How does a cash out refinance work?
With a cash-out refinance, you:
  1. Replace your existing mortgage with a larger loan
  2. Use the new loan to pay off your current mortgage
  3. Get the difference in cash
The new mortgage is based on your home’s current value, and you can typically borrow up to 80% of that value.
 How is a cash-out refinance different from a rate-and-term refinance?

A rate-and-term refinance replaces your current mortgage with a new one, typically to lower your interest rate or change your loan term.

Unlike a cash-out refinance, you’re not borrowing extra money—just changing the rate, the term, or both to save over time.

 What can I use a cash-out refinance for?
You can use your cash-out funds for almost anything, including:
  • Home renovations or repairs
  • Consolidating high-interest debt
  • College tuition or education expenses
  • Major purchases or emergencies
 What are the closing costs for a cash-out refinance?

Closing costs typically range from 2% to 6% of the new loan amount and can include loan origination fees, appraisal and title fees, credit report and recording fees, prepaid interest and escrow setup.

 Learn more about ways to refinance

Ready to put your equity to work?

We’ll guide you through options and help you decide if a cash-out refi is the right fit

Get my refi options

1Equity Loan product requires full documentation of income and assets, credit score and max loan-to-value (LTV), combined loan-to-value (CLTV), and home equity combined loan-to-value (HCLTV) ratios. Requirements were updated 11/19/25 and are tiered as follows: 680 minimum FICO with a max LTV/CLTV/HCLTV of 80%, 700 minimum FICO with a max LTV/CLTV/HCLTV of 85%, and 740 minimum FICO with a max LTV/CLTV/HCLTV of 90%. Your debt-to-income ratio (DTI) must be 50% or below. Valid for loan amounts between $45,000.00 and $500,000.00 (minimum loan amount for properties located in Michigan is $10,000.00). Product is a second standalone lien and may not be used for piggyback transactions. Product not available on Ameriprise products. Guidelines may vary for self-employed individuals. Some mortgages may be considered “higher priced” based on the APOR spread test. Higher‑priced loans in the State of New York are subject to additional regulatory requirements. Additional restrictions apply. This is not a commitment to lend.

Debt consolidation refinances increase mortgage debt, reduce equity, and extend the term on shorter-term debt and secure it with your property. The relative benefits received from debt consolidation will vary. A debt consolidation loan may increase the total number and amount of monthly payments and the total amount paid over the term of the loan. To enjoy the benefits of a debt consolidation loan, borrowers should not carry new credit card or high interest rate debt.

Refinancing may cause finance charges to be higher over the life of the loan.