Conventional Cash-Out Refinance
Most PopularBest For: Flexible Terms, Rate Reduction, Easy Process
Popular cash-out refinancing option with flexible qualification guidelines for loan amounts under the conforming loan limit.
Program Description
A Conventional Cash-Out Refinance is an easy way to access your home equity when you have over 20%. Your cash-out proceeds can be used however you see fit—including home renovations, car purchases, or consolidating debt. You'll receive all the benefits of a conventional mortgage, including no mortgage insurance!
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Conventional Cash-Out Refinance
Min. Credit Score
620
Min. Equity
20%
Max Loan Amount
$806,500
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Flexible loan terms
- Loans often processed quickly with less “red tape”
- No prepayment penalties
- Generally have higher interest rates than rate-and-term refinances
- Must have at least 20% equity in order to qualify
- Conventional loan limits disqualify many borrowers who are seeking larger loan amounts
- Higher credit score requirements
Cash-Out Refinance
Your Current
Equity %
- 20%
Minimum RetainedEquity
=
Your Available
Cash-Out
A cash-out refinance allows you to access equity in your home and use the proceeds as you see fit. By registering for a free account, you can get a better idea of how much cash you could access when refinancing your home.
Program Availability
Conventional Cash-Out Refinances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“A conventional cash-out refi is a great way to access your home equity and consolidate debt with no mortgage insurance!"
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Mortgage insurance not required with 20% or more equity in your home
- Available for second homes and investment properties
- Offers loan terms between 10 & 30 years, as well as adjustable-rate options
Additional Conditions
- Private mortgage insurance is not required with retained equity in the home of 20% or more
- Some US Counties are considered "high cost" and have loan limits exceeding the limits shown here (see "High Balance Conventional Cash-Out Refinance")
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Conventional Rate-and-Term Refinance
Best For: Flexible Terms, Rate Reduction, Easy Process
Popular refinancing option for loan amounts under the conforming loan limit. Flexible qualification and attractive benefits to qualified homeowners.
Conventional Purchase Loan
Best For: Flexible Terms, Lowest Rates, Savvy Investors
Meet the most popular mortgage program. Flexible financing offering a wide range of attractive benefits to qualified homebuyers across the US.
Related Resources
2023 Cash-Out Refinance Guide
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2023 Down Payment Assistance Guide
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First Time Homebuyer Guide
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A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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