Cash-out refinance

The cash you need could be at home

Unlock equity and fund new goals

Refresh your rate for a chance to save

Consolidate high-interest debt

Older woman standing in a kitchen by a countertopOlder woman standing in a kitchen by a countertop

“Cash out refinance - Start to closing 10 days. Incredible! Simple step by step process, Easy to use site with a tracker so you know what’s happening.”

- J. Valle

The ins & outs of cash-out refinancing

Key benefits

Access to cash

Refinance for more than you owe and get the difference back in cash.

Financial refresh

Consolidate debt, invest in your space, or simplify your finances for future success.

Rate upgrade

If rates are working in your favor, refinance into something better while accessing cash.

What's required

New loan balance

Your mortgage grows by the cash you take out, becoming your new starting point.

Some costs apply

Expect to pay 2–5% of the loan amount in fees typically rolled into the new loan.

Updated timeline

A new mortgage resets your terms, which can provide more flexibility on payments.

Explore, compare, find the right fit

Best for

How it works

Closing costs

Credit score

Cash-out refi

Cash-out refi
Home Equity Loan1

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

Cash-out refi
Home Equity Loan1

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

Cash-out refi

Home Equity Loan1

Best for

Take cash out and get a new rate

Access equity without changing your mortgage

How it works

A new mortgage that replaces your current.

A second loan alongside your current mortgage.

Closing costs

2%–5% of the loan amount

2%–5% of the loan amount

Credit score

620+

680+

Learn more

Legal disclaimer

1Home Equity Loan Product is a second standalone lien and may not be used for piggyback transactions. Valid for loan amounts between $45,000.00 and $500,000.00 (minimum loan amount for properties located in Michigan is $10,000.00). Not available on Ameriprise products. Additional restrictions, terms, and conditions apply. Must meet qualification requirements. This is not a commitment to lend.

Tools to explore

Rates

Loan Options

Calculators

Articles

Questions? We’ve got answers.

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
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.

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.

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

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
Important legal disclosures

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.