- Home
- Loan programs
- Cash-out refinance
Cash-out refinance for bigger plans
Replace your mortgage with a larger one and take the difference in cash for renovations, debt payoff or tuition.
- Max LTV
- 80% conventional
- VA max LTV
- 90%
- Credit score
- 620+
- Use of funds
- Anything
How a cash-out refinance works
A cash-out refinance lets you borrow against the equity you have built. Your new loan pays off the old one, and the remainder is wired to you at closing. Because it is secured by your home, the rate is usually far lower than credit cards or personal loans.
The tradeoff is that you are resetting your whole mortgage. If your current rate is much lower than today's rates, a HELOC may cost less. We run both scenarios side by side.
What is included with Summit Ridge
Every cash-out refinance comes with one flat $995 lender fee, shown before you apply, plus everything below.
- Cash-out vs HELOC total cost comparison
- Debt consolidation savings breakdown
- Direct payoff of cards and loans at closing
- Renovation budget and timeline planning
- Appraisal ordered on day one
- Tax documentation summary for your CPA
The process, step by step
One loan officer and one processor from your first question to closing day.
- 1
Equity estimate
We estimate value and available cash in one call.
- 2
Compare options
See cash-out, HELOC and doing nothing, with total cost over 5 years.
- 3
Appraisal
A full appraisal confirms value. Most take 5 to 10 business days.
- 4
Fund
Cash arrives 3 business days after signing on a primary home.
Why borrowers choose it
One payment
Roll high-interest debt into a single lower-rate payment.
Large amounts
Access up to 80% of your home's value, often six figures in today's Utah market.
Fixed rate
Unlike most HELOCs, your rate never changes.
Invest in the house
Basement finishes and additions can add value and space for a growing family.
Requirements and pricing factors
Your rate and approval depend on these factors. We explain exactly which ones move your price.
See sample rates- Equity
- At least 20% remaining after cash-out (conventional)
- Credit score
- 620 minimum, better pricing at 700+
- Seasoning
- 12 months on title for most programs
- Debt-to-income
- Up to 50% including the new payment
- Appraisal
- Full appraisal required
Cash-out refinance questions
More answers in our full FAQ and learning center.
It depends on your current rate. If it is well below today's rates, a HELOC usually wins. If rates are similar, cash-out gives you a fixed payment.
No. Renovations, tuition, a business or debt payoff are all fine.
Yes, up to 75% LTV on most 1 unit investment properties.
Ready to price your cash-out refinance?
Pre-qualify in about 6 minutes with a soft credit check. No impact to your score and no obligation.
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