{"id":23166,"date":"2026-01-29T20:14:17","date_gmt":"2026-01-29T20:14:17","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=23166"},"modified":"2026-01-29T20:14:18","modified_gmt":"2026-01-29T20:14:18","slug":"cash-out-refinancing-what-it-is-how-it-works","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=23166","title":{"rendered":"Cash-Out Refinancing: What It Is, How It Works"},"content":{"rendered":"<div id=\"\">\n<div class=\"overflow-hidden relative bg-blue-50 aspect-video w-full rounded-lg\"><\/div>\n<p>\n            Christina Zelow Lundquist\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate\n        <\/p>\n<\/p><\/div>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\">\n<div id=\"block_9422b50dcbd38ca0b85b823f1d4fddf0\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            A cash-out refinance replaces your current mortgage with a new, bigger one. The borrower receives the difference between the two balances in cash.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            The terms of your refinanced mortgage might differ from your original loan, including a new interest rate and a longer or shorter loan duration.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            You can do a cash-out refi for any reason, but many borrowers use one to pay for large-scale home improvements.\n                                                <\/li>\n<\/ul>\n<\/div>\n<h2 id=\"what-is\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What is a cash-out refinance?\" data-outcome=\"\">What is a cash-out refinance?<\/h2>\n<p>A cash-out refinance replaces your current mortgage with a new, larger one. It includes the remaining balance of your original loan plus an additional amount that you\u2019ll withdraw in cash. This cash comes from your home\u2019s equity.<\/p>\n<p>You\u2019ll receive the cash in a lump-sum payment. You can use this money for any purpose, including home remodeling, debt consolidation, college tuition or other financial needs.<\/p>\n<h3 id=\"how-it-works\">How does a cash-out refinance work?<\/h3>\n<p>A cash-out refi is similar to a regular refi (also called a \u201crate-and-term\u201d refi). You\u2019ll replace your existing mortgage with a new one at a new interest rate, and sometimes a new term length. The difference is that your new loan is for a larger amount, rather than just the remaining balance of your original loan. That larger amount includes cash withdrawn from your home\u2019s equity.<\/p>\n<p>In other words, when you use a cash-out refinance, you exchange some of your home\u2019s equity for cash. This reduces the equity you have in your home.<\/p>\n<div class=\"BlockQuote pb-8 BlockQuote--bordered flex flex-col items-center text-center md:text-left md:flex-row gap-3 md:gap-8 mb-8 md:mb-0\">\n<blockquote class=\"BlockQuote-text text-center md:text-left\"><p>\n        <q>A cash-out refinance is the closest thing to restarting your mortgage. It lets you access your home\u2019s equity by replacing your current loan with a new one \u2014 ideally at a lower interest rate.<\/q><br \/>\n                    <cite class=\"PullQuote-cite text-gray-900 ml-0 md:ml-4\"><br \/>\n                \u2014 Stephen Kates, Financial Analyst, Bankrate<br \/>\n            <\/cite>\n            <\/p><\/blockquote>\n<\/div>\n<h3>Cash-out refi example<\/h3>\n<p>Let\u2019s say you still owe $100,000 on your home, and it\u2019s currently worth $400,000. That means you have $300,000 in equity. For a cash-out refinance, your loan amount is typically limited to 80% of the home\u2019s value \u2014 meaning you must leave at least 20% of your home\u2019s value untouched. So in this example, that means you\u2019d need to keep $80,000 of your equity intact, but you could take out $220,000.<\/p>\n<p>If you want to withdraw the maximum amount, you\u2019d take out a new mortgage for $220,000, which you\u2019d repay at a new interest rate and, potentially, a different term.<\/p>\n<h2 id=\"requirements\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Cash-out refinance requirements\" data-outcome=\"\">Cash-out refinance requirements<\/h2>\n<p>Just as you would with any mortgage, you\u2019ll need to meet qualifying criteria for a cash-out refinance. For a conventional loan, these requirements include:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Credit score<\/strong><strong>: <\/strong>You\u2019ll generally need a credit score of at least 620 to qualify. But a higher score will get you a more competitive interest rate.<\/li>\n<li>\n<strong>Debt-to-income (DTI) ratio<\/strong><strong>: <\/strong>This measures your monthly debt payments \u2014 including the refinanced mortgage payment \u2014 against your gross monthly income. Lenders often cap this at 43%.<\/li>\n<li>\n<strong>Equity<\/strong><strong>: <\/strong>Most lenders require you to maintain 20% equity in your home after you\u2019ve taken cash out, so you\u2019ll need more equity than that to make a cash-out refinance worthwhile.<\/li>\n<li>\n<strong>Seasoning<\/strong><strong>: <\/strong>Conventional cash-out refis typically come with a six-month seasoning requirement, meaning you must have owned the home for at least six months.<\/li>\n<\/ul>\n<h3>Cash-out refinance fees<\/h3>\n<p>The closing costs on a cash-out refinance \u2014 and any type of refinance \u2014 are almost always less than the closing costs on a home purchase. For a cash-out refi, the lender typically charges an appraisal fee and might charge an origination fee, often a percentage of the amount you\u2019re borrowing.<\/p>\n<h2 id=\"how-to-get\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How to get a cash-out refinance\" data-outcome=\"\">How to get a cash-out refinance<\/h2>\n<p>Here are the basic steps to secure a cash-out refi:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Determine how much you can withdraw: <\/strong>You\u2019ll do this by calculating 80% of your current home value, or multiplying the figure by 0.80. Then subtract your current mortgage balance from your result. The answer is the amount you may be able to cash out.<\/li>\n<li>\n<strong>Figure out your goals: <\/strong>Clarify how you\u2019d like to use the funds from your cash-out refinance. A financial advisor can help you decide if a refinance would help you meet your financial goals and if the new payment would be affordable. <\/li>\n<li>\n<strong>Shop around for the best terms: <\/strong>Each lender has its own qualifying criteria, as well as its own set of closing costs and fees. Comparing rates and terms from a few different lenders can help you get the best deal available.<\/li>\n<li>\n<strong>Apply for the loan: <\/strong>Once you\u2019ve chosen a lender, apply and go through its underwriting process. Be ready to provide proof of income, like financial statements and tax returns. Keep in mind that, as part of this process, your home will need to be professionally appraised. The mortgage lender needs to know what your home is worth to calculate how much equity you have, and from that, how much you can borrow.<\/li>\n<li>\n<strong>Close on the loan: <\/strong> After the closing, you\u2019ll receive the lump sum of cash from your new lender.<\/li>\n<\/ul>\n<h2 id=\"how-much\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How much cash can you get with a cash-out refinance?\" data-outcome=\"\">How much cash can you get with a cash-out refinance?<\/h2>\n<p>With a conventional cash-out refinance \u2014 the most common kind \u2014 you can typically borrow up to 80% of your home\u2019s value. However, this threshold varies depending on the property type. With a multifamily home, for example, you can often only borrow up to 75%.<\/p>\n<p>For an FHA cash-out refinance, you might be eligible to borrow up to 80% of the value of your home. And with a VA loan cash-out, you could potentially qualify to tap all of your home\u2019s equity.<\/p>\n<h2 id=\"ways-to-use\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Ways to use the money from a cash-out refinance\" data-outcome=\"\">Ways to use the money from a cash-out refinance<\/h2>\n<p>You can use the money from a cash-out refinance for almost any purpose. However, many borrowers use the proceeds for expenses such as:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Major home improvement projects:<\/strong> You could use a cash-out refinance to remodel your kitchen or put an addition on your house, for example.<\/li>\n<li>\n<strong>High-interest debt consolidation:<\/strong> Refinance rates tend to be lower than the rates on other forms of debt, like credit cards. You can use a cash-out refinance to pay off these debts. Then you\u2019ll repay the cash-out refinance with one, lower-cost monthly payment.<\/li>\n<li>\n<strong>College tuition:<\/strong> Tapping home equity to pay for college can make sense if the refinance rate is lower than the rate for a student loan.<\/li>\n<li>\n<strong>Investments:<\/strong> Some people purchase an investment property using a cash-out refinance. Others use the funds for goals like starting a business.<\/li>\n<\/ul>\n<p>This type of refinancing is one of the cheaper ways to pay for large expenses, in part because the collateral involved \u2014 your home \u2014 translates to lower risk for lenders. In a pinch, you\u2019re far more likely to pay your mortgage than your credit card bill, for instance.<\/p>\n<h2 id=\"pros-cons\" data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Pros and cons of cash-out refinancing\" data-outcome=\"\">Pros and cons of cash-out refinancing<\/h2>\n<div id=\"block_ee81b101d828a625023e3a4c1ed25878\" class=\"flex flex-col gap-8 my-6 not-wysiwyg\">\n<div class=\"ProsAndConsList\" data-js-selector=\"ProsAndConsList\">\n<div class=\"ProsAndConsItem\">\n        <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"ProsAndConsItem-list\">\n<li>\n                    <strong>Could qualify for better terms:<\/strong> If market rates have decreased \u2014 or your finances have improved \u2014 since you first took out your mortgage, a cash-out refinance could result in lower rates.\n                <\/li>\n<li>\n                    <strong>Lowering your cost to borrow:<\/strong> Cash-out refinances often have lower rates than home equity loans, personal loans and credit cards.\n                <\/li>\n<li>\n                    <strong>Improving your credit:<\/strong> If you use your equity to consolidate debt, your credit utilization ratio \u2014 the amount of your outstanding balances compared to your overall credit limits \u2014 could drop. This can help boost your credit score.\n                <\/li>\n<li>\n                    <strong>Taking advantage of tax deductions:<\/strong> If you use the cashed-out funds for home improvements and itemize your taxes, you could deduct the interest.\n                <\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n        <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"ProsAndConsItem-list\">\n<li>\n                    <strong>Your interest rate might actually go up:<\/strong> If interest rates have risen substantially since your original mortgage, you\u2019ll pay more on your new loan, even with good credit. Since the new mortgage is bigger, you\u2019ll be charged more in interest, too.\n                <\/li>\n<li>\n                    <strong>You could prolong repayments:<\/strong> If you\u2019re using a cash-out refi to consolidate debt, make sure it\u2019s the best option and that you couldn\u2019t otherwise pay the debt off sooner for less. \u201cUnless you can lower your interest rate or shorten your loan term, it may be more practical to consider a home equity loan or line of credit for smaller or more specific borrowing needs,\u201d says Stephen Kates, financial analyst for Bankrate.\n                <\/li>\n<li>\n                    <strong>You increase the risk of losing your home:<\/strong> A cash-out refinance increases your mortgage balance. Failing to repay the loan means you could lose your home to foreclosure. Don\u2019t take out more cash than you really need, and make sure you\u2019re using it for a purpose that will improve your finances instead of worsening your situation.\n                <\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<h2 id=\"good-idea\" data-position=\"7\" data-beam-element-viewed=\"\" data-id=\"br-h2-7-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Is a cash-out refinance a good idea for you?\" data-outcome=\"\">Is a cash-out refinance a good idea for you?<\/h2>\n<p>Ultimately, it depends on your personal situation. You might benefit from a cash-out refi if:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>You can qualify for a lower rate: <\/strong>If mortgage rates have decreased since you first took out your loan, or your credit has improved \u2014 or both \u2014 you may be able to get a lower rate when you refinance. If so, a cash-out refinance might make more sense than other methods of tapping your home equity.<\/li>\n<li>\n<strong>You need the funds to improve your long-term financial outlook: <\/strong>A cash-out refinance can be a good idea if you\u2019re using the money to build wealth, for example, by adding value to your home or by funding your education.<\/li>\n<\/ul>\n<p>On the other hand, even if you can qualify for and afford a cash-out refinance, it\u2019s not ideal if you need to borrow a relatively small amount of money or if you don\u2019t use the money to build wealth \u2014 for example, if you use it to pay off credit card debt, but then accumulate more.  <\/p>\n<h2 id=\"alternatives\" data-position=\"8\" data-beam-element-viewed=\"\" data-id=\"br-h2-8-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Alternatives to a cash-out refinance\" data-outcome=\"\">Alternatives to a cash-out refinance<\/h2>\n<p>If a cash-out refi doesn\u2019t work for you, here are some alternatives to consider.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>HELOC:<\/strong> A home equity line of credit, or HELOC, allows you to borrow money when you need to with a revolving line of credit, similar to a credit card. HELOC interest rates are variable, fluctuating with the prime rate. To get a HELOC, you must meet certain requirements.<\/li>\n<li>\n<strong>Home equity loan:<\/strong> A home equity loan is a second mortgage that provides a lump-sum payment. Unlike a HELOC, home equity loans have a fixed rate, and you start repaying them immediately. Bankrate\u2019s home equity loan calculator can show you how much you might be able to borrow.<\/li>\n<li>\n<strong>Personal loan:<\/strong> A personal loan is a shorter-term loan that provides funds for virtually any purpose. Personal loan interest rates vary widely and can depend on your credit, but they\u2019re typically higher than rates for loans that are secured by your home. You\u2019ll usually repay the loan on a monthly basis, like a mortgage. Personal loans often require less paperwork than a refinance and can sometimes be approved and funded the same day you apply, but they tend to have smaller limits than other loan types.<\/li>\n<li>\n<strong>Reverse mortgage:<\/strong> A reverse mortgage allows homeowners who meet equity and age requirements to withdraw cash from their homes. The balance doesn\u2019t have to be repaid for as long as the borrower lives in and maintains the home and pays their property taxes and homeowners insurance.<\/li>\n<\/ul>\n<h2 id=\"faq\" data-position=\"9\" data-beam-element-viewed=\"\" data-id=\"br-h2-9-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"FAQ\" data-outcome=\"\">FAQ<\/h2>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-accordion-item-0', 'heading-accordion-item-0']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-accordion-item-0')\" :aria-controls=\"$id('panel-accordion-item-0')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    How will my monthly mortgage payment change after refinancing?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-accordion-item-0')\" :aria-labelledby=\"$id('heading-accordion-item-0')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            Your payment could change depending on a couple of factors: the rate you receive and how much equity you\u2019re pulling out. If you\u2019re refinancing to a much lower rate, you could end up with a similar payment, even with taking on a larger loan. Conversely, if the rate is similar to or higher than your current one, your payment will go up. Your payment could also increase if you shorten the loan term \u2014 from 30 years to 15 years, for example.\n        <\/p>\n<\/div>\n<\/li>\n<li x-id=\"['panel-accordion-item-1', 'heading-accordion-item-1']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-accordion-item-1')\" :aria-controls=\"$id('panel-accordion-item-1')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Does cash-out refinancing hurt your credit?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-accordion-item-1')\" :aria-labelledby=\"$id('heading-accordion-item-1')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            It might. A cash-out refinance can hurt your credit score because you will owe more money, which impacts your credit utilization ratio, one of the biggest contributors to your overall credit score. Opening a new loan also shortens your average credit account age, which can lower your credit score.\n        <\/p>\n<\/div>\n<\/li>\n<\/ul>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"oHu6a2TWDZ\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Thumbs Up Icon<\/default:title><default:path d=\"M13.165 2.175c.322 0 .57.022.774.065.796.161 1.43.624 1.85 1.345.71 1.216.722 3.067.023 5.499h.516c2.28 0 3.422 0 4.337.548a3.844 3.844 0 0 1 1.721 2.25c.29 1.032 0 2.13-.592 4.336l-.516 1.926c-.312 1.151-.484 1.786-.882 2.324a3.368 3.368 0 0 1-1.442 1.098c-.625.247-1.28.248-2.475.248l-.021.01h-4.595c-.42 0-.636 0-.84-.032a4.19 4.19 0 0 1-.635-.15c-.204-.065-.387-.162-.763-.355l-1.69-.856c-.014.034-.026.069-.043.102a2.334 2.334 0 0 1-1.044 1.044c-.495.247-1.012.248-1.948.248h-.161c-.936 0-1.453 0-1.947-.248a2.333 2.333 0 0 1-1.044-1.044C1.5 20.038 1.5 19.52 1.5 18.585v-7.683c0-.936 0-1.452.248-1.947A2.387 2.387 0 0 1 2.792 7.91c.494-.248 1.01-.247 1.947-.247h.16c.937 0 1.454 0 1.95.247.353.177.653.44.875.763.64-.606 1.788-2.184 3.31-5.142.183-.366.312-.603.538-.819.193-.193.462-.355.72-.441.302-.097.539-.097.873-.097ZM4.739 9.288c-.624 0-1.076 0-1.227.076a.721.721 0 0 0-.323.322c-.075.15-.075.603-.075 1.216v7.683c0 .624 0 1.076.075 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4.175c-.28-.14-.41-.215-.56-.27a1.796 1.796 0 0 0-.344-.085c-.151-.022-.313-.01-.625-.022H7.503Zm11.596.001c-.625 0-1.077 0-1.228.076a.72.72 0 0 0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/default:svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/mortgages\/cash-out-refinancing\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Christina Zelow Lundquist\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate Key takeaways A cash-out refinance replaces your current mortgage with a new, bigger one. The borrower receives the difference between the two balances in cash. The terms of your refinanced mortgage might differ from your original loan, including a new interest rate and a longer or<\/p>\n","protected":false},"author":1,"featured_media":23167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-23166","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cash-Out Refinancing: What It Is, How It Works | BudgetADirect<\/title>\n<meta name=\"description\" content=\"Christina Zelow Lundquist\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate Key takeaways A cash-out refinance replaces your current mortgage with a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/budgetadirect.com\/?p=23166\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cash-Out Refinancing: What It Is, How It Works | BudgetADirect\" \/>\n<meta property=\"og:description\" content=\"Christina Zelow Lundquist\/ Getty Images; 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