Cash-Out Refinance
What Is a Cash-Out Refinance?
A cash-out refinance is a type of mortgage loan that gives homeowners access to their equity in the form of cash! It replaces the existing mortgage with a new one that has a higher loan amount than the current loan. The difference between the two is your equity—and that's what you could cash out.
Top Reasons to Use a Cash-Out Refinance
Home Improvements
Fund upcoming major repairs or upgrades with your equity.
Debt Consolidation
Pay off high-interest debt faster by using the equity in your home.
Major Purchases
Enlist your equity to pay for those big expenses, planned or unplanned.
Consider This Before a Cash-Out Refinance
Keep in mind that by refinancing your mortgage, your new loan amount will be higher than your previous loan. You’ll be paying closing costs and fees associated with your new loan, so weigh your options carefully. Be sure that the potential return on your investment is strong enough to justify going forward.
Cash-Out Refinance OptionsFootnote 1
Our cash-out refinance loans allow you to borrow up to 100% of your home's valueFootnote 2 and help get your goals off the ground. View our rates and crunch your numbers to see what works best with your budget.
VA Loan RatesFootnote 3
Unlock up to 100% of your home's equity with a cash-out refinance or convert from a conventional mortgage. Available exclusively to eligible Servicemembers, Veterans and surviving spouses, VA loans are backed by the US Department of Veterans Affairs.Footnote 2
| Term | Interest Rates As Low As | Discount Points | APR As Low As |
|---|---|---|---|
| 15 Year | 5.250% | 0.500 | 5.941% |
| 30 Year | 5.875% | 0.750 | 6.327% |
Rates as of Jul 18, 2025 ET. |
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| Rates subject to change. Payment ExampleFootnote 4 | |||
Conventional Fixed Mortgage RatesFootnote 1
Stable fixed rate and monthly payment for homeowners with options up to 95% LTV. Cash-out and limited cash-out options available.Footnote 5
| Term | Interest Rates As Low As | Discount Points | APR As Low As |
|---|---|---|---|
| 15 Year | 5.375% | 0.250 | 5.569% |
| 15 Year Jumbo | 5.750% | 0.250 | 5.946% |
| 30 Year | 6.250% | 0.500 | 6.394% |
| 30 Year Jumbo | 6.500% | 0.500 | 6.646% |
Rates as of Jul 18, 2025 ET. |
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| Rates subject to change. Payment ExampleFootnote 6 15-Year Loan assumptions: Advertised rate assumes a limited cash-out refinance of a single-family primary residence, 720 FICO, and 80% loan-to-value ratio up to the conforming loan limit. 15-Year Jumbo Loan assumptions: Advertised rate assumes a limited cash-out refinance of a single-family primary residence, 720 FICO, and a loan-to-value ratio up to 80%. 30-Year Loan assumptions: Advertised rate assumes the limited cash-out refinance of a single-family primary residence, 780 FICO, and 75% loan-to-value ratio up to the conforming loan limit. 30-Year Jumbo Loan assumptions: Advertised rate assumes the limited cash-out refinance of a single-family primary residence, 720 FICO, and a loan-to-value ratio up to 80%. |
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Adjustable-Rate Mortgage LoansFootnote 1 Footnote 7
Take advantage of a low rate during the initial fixed-rate term. Cash-out and limited cash-out options available up to 95% LTV. Footnote 5
| Loan Type | Interest Rates As Low As | Discount Points | APR As Low As | Payment Example |
|---|---|---|---|---|
| 3/5 Conforming ARM | 5.375% | 0.250 | 5.970% | 3/5 Conforming ARM Payment Example |
| 3/5 Jumbo ARM | 5.375% | 0.250 | 5.970% | 3/5 Jumbo ARM Payment Example |
| 5/5 Conforming ARM | 5.625% | 0.250 | 5.980% | 5/5 Conforming ARM Payment Example |
| 5/5 Jumbo ARM | 5.625% | 0.250 | 5.980% | 5/5 Jumbo ARM Payment Example |
Rates as of Jul 18, 2025 ET. |
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| Rates subject to change. ARM Loan assumptions: Advertised rate assumes a limited cash-out refinance of a single-family primary residence, 720 FICO, and 70% loan-to-value up to the conforming loan limit. |
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Ready to Apply or Have a Question?
Ready to apply for a cash-out refinance mortgage or want to check the status of your loan? We're here to help you make the best decision about your mortgage. Call us at 1-888-996-0313 to speak with one of our Mortgage Specialists today.
Mortgage Refinacing Resources
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5 Facts to Know About Cash-Out Refinance
Tapping into your home equity gives you access to cash from your mortgage. See how you can use it to manage debt, pay for home projects and more.
Learn More about 5 Facts to Know About Cash-Out Refinance -
When to Refinance Your Mortgage
Refinancing your current home loan could save you money, but how can you tell if it’s the right choice for you? We’ll give you the tools to decide for yourself.
Learn More about When to Refinance Your Mortgage -
Mortgage Refinance Calculator
Considering refinancing your existing home loan? Use our calculator to see what you could save.
Learn More about Mortgage Refinance Calculator
Disclosures
Rates displayed are "as low as" and effective 07/18/2025 for purchase and refinance loans and require a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Displayed rates include discount points. Rates are subject to change. Rates vary based on creditworthiness, loan-to-value (LTV), occupancy, property type and loan purpose, and/or other factors. All loans subject to credit approval.
↵Product features subject to approval. Occupancy restriction applies. Subject to funding fee, which may be financed up to the maximum allowed loan amount. Conventional loans: 100% financing available for purchase loans only. VA loans: 100% financing subject to all VA program requirements. Navy Federal has no affiliation with U.S. Department of Veterans Affairs or any other government agency.
↵Rates displayed are "as low as" and effective 07/18/2025 for purchase, refinance loans, and VA IRRRL and require a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Displayed rates include discount points. Rates are subject to change. All VA rules, guidelines, and additional program requirements will apply. All loans subject to approval. Navy Federal has no affiliation with U.S. Department of Veterans Affairs or any other government agency.
↵A VA loan of $300,000 for 30 years at 5.875% interest and 6.327% APR will result in a monthly payment of $1,774. Taxes and insurance not included; therefore, the actual payment obligation will be greater. Includes a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Discount points are included. Occupancy restriction applies. All loans subject to credit approval.
A VA loan of $300,000 for 15 years at 5.250% interest and 5.941% APR will result in a monthly payment of $2,411. Taxes and insurance not included; therefore, the actual payment obligation will be greater. Includes a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Discount points are included. Occupancy restriction applies. All loans subject to credit approval.
↵Product features subject to approval. Down payment and loan-to-value (LTV) requirements may vary depending on the occupancy, property type, loan purpose, your creditworthiness, and/or other factors.
↵15-Year: A Fixed refinance loan of $300,000 for 15 years at 5.375% interest and 5.569% APR will have a monthly payment of $2,431. Taxes and insurance not included; therefore, the actual payment obligation will be greater. Includes a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Discount points are included. Occupancy restriction applies. All loans subject to credit approval. Loan assumptions: Advertised rate assumes a limited cash-out refinance of a single-family primary residence, 720 FICO, and 80% loan-to-value up to the conforming loan limit.
15-Year Jumbo: A Jumbo Fixed refinance loan of $1,000,000 for 15 years at 5.750% interest and 5.946% APR will have a monthly payment of $8,304. Taxes and insurance not included; therefore, the actual payment obligation will be greater. Includes a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Discount points are included. Occupancy restriction applies. All loans subject to credit approval. Loan assumptions: Advertised rate assumes a limited cash-out refinance of a single-family primary residence, 720 FICO, and a loan-to-value ratio up to 80%.
30-Year: A fixed-rate refinance loan of $300,000 for 30 years at 6.250% interest and 6.394% APR will have a monthly payment of $1,847. Taxes and insurance not included; therefore, the actual payment obligation will be greater. Includes a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Discount points are included. Occupancy restriction applies. All loans subject to credit approval. Loan assumptions: Advertised rate assumes a limited cash-out refinance of a single-family primary residence, 780 FICO, and 75% loan-to-value up to the conforming loan limit.
30-Year Jumbo: A Jumbo Fixed refinance loan of $1,000,000 for 30 years at 6.500% interest and 6.646% APR will have a monthly payment of $6,320. Taxes and insurance not included; therefore, the actual payment obligation will be greater. Includes a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Discount points are included. Occupancy restriction applies. All loans subject to credit approval. Loan assumptions: Advertised rate assumes a limited cash-out refinance of a single-family primary residence, 720 FICO, and a loan-to-value ratio up to 80%.
↵Adjustable Rate Mortgages are variable, and your Annual Percentage Rate (APR) may increase after the original fixed-rate period. The First Adjusted Payments displayed are based on the current Constant Maturity Treasury (CMT) index, plus the margin (fully indexed rate) as of the stated effective date rounded to nearest 1/8th of one percent. All loans subject to credit approval.
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