Best Cash-Out Refinance Lenders of 2025

Many homeowners refinance their mortgage to lower their interest rate or pay off the loan faster. But you can also refinance to get cash by leveraging the value of your home.

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A cash-out refinance replaces your current mortgage with a larger one based on how much equity you have in your house. After your existing loan is paid off, you receive the difference and can put it toward renovations, paying off debts or any other expenses.

Because they typically have lower interest rates, many homeowners prefer cash-out refinancing over personal loans, home equity loans or HELOCs. Plus, there’s only one monthly bill to pay.

CNBC Select has chosen the best lenders for cash-out refinancing in a variety of categories (See our methodology for more information in how we made our picks.)

Who’s this for? New American Funding approves cash-out refinancing applicants with credit scores as low as 580, much lower than the traditional 620 most lenders require. NAF also accepts nontraditional credit references, such as on-time utility or insurance payments.

Standout benefits: Borrowers who don’t close within 14 days may be eligible for a $250 credit toward closing costs.

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Who’s this for? Better already offers lower-than-average mortgage rates, but it doesn’t charge lender fees, either, which can save you as much as 2% of your loan total. The online lender will also match a competitor’s rate on a comparable loan or give you $100 after you close.

Standout benefits: If you refinance your Better mortgage with the company within three years of closing, you may be eligible for $3,500 in lender-paid credits.

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Who’s this for? United Wholesale Mortgage will lend you up to 90% of your home’s value, compared to the 80% cap most lenders have.

Standout benefits: UWM offers hybrid and remote closings where available. The company’s Lock & Shop program allows you to lock in your rate for up to 365 days.

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Who’s this for? If your current mortgage is with LoanDepot, you can refinance without paying lender fees, which can equal up to 2% of your loan total.

Standout benefits: LoanDepot offers a fully digital borrowing experience — including the option for an e-closing — and claims its closing timeline is up to 50% shorter than the industry average.

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Who’s this for? If you want to refinance a high-value property, Chase approves loans for as much as $9.5 million. That’s more than double the cap most lenders put on jumbo mortgages.

Standout benefits: Depending on how much is in your account, existing Chase customers are eligible for a mortgage rate discount of between 0.125% and 1%.

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Who’s this for? The Homebuyers Choice cash-out refinance loan from Navy Federal Credit Union lets current and former service members borrow up to 97% of their home’s value — far more than the typical 80%.

Standout benefits: If another lender quotes you a better rate, NFCU will match it or give you $1,000 after you close.

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New American Funding is highly ranked for mortgage servicing in J.D. Power’s 2024 customer satisfaction survey. Dedicated to minority homeownership, the Tustin, California-based lender has pledged to add $30 billion in financing by 2028 to benefit Black and Latino homebuyers.

Loans: Conventional, FHA, USDA, VA, jumbo, refinancing, home equity loan, reverse mortgage

Credit score: 580 for conventional, 500 for FHA and VA

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Better Mortgage‘s One Day Mortgage promises an underwriting decision in 24 hours. The e-lender last appeared on J.D. Power’s U.S. Mortgage Origination Satisfaction Study in 2023, when it ranked below average.

Loans: Conventional, FHA, VA, jumbo, refinancing, HELOC

Credit score: 620 for conventional, 580 for FHA

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Founded as Shore Mortgage in 1986, Pontiac, Michigan-based United Wholesale Mortgage is the largest mortgage provider in the U.S., with nearly 300,00 home loans funded in 2023. UWM doesn’t deal directly with homebuyers, though: You’ll need to work with a mortgage broker who can show you options from UWM and other lenders. (A directory of independent brokers is available at MortgageMatchup.com.)

Loans: Conventional, FHA, USDA, VA, jumbo, construction, non-qualifying, construction, refinancing, HELOC

Credit score: 620 for conventional, 500 for FHA, 660 for jumbo

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One of the nation’s largest nonbank mortgage originators, LoanDepot has funded over $300 billion in home loans since 2010. Although it scored below average on J.D. Power’s 2024 mortgage origination survey, it ranked above average for mortgage servicing, the process of managing a loan after closing.

Loans: Conventional, FHA, USDA, VA, jumbo, refinancing, HELOC

Credit score: 620 for conventional

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The largest retail bank in the U.S., Chase Bank has more than 4,700 branches across the continental U.S. It’s highly ranked by J.D. Power for both mortgage origination and servicing and earned an A- from the Better Business Bureau. Qualified borrowers can get $5,000 back if their Chase mortgage fails to close on time.

Loans: Conventional, FHA, VA, jumbo, refinancing, home equity loan

Credit score: 620 for conventional, 500 for FHA

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Navy Federal Credit Union is the largest credit union in the U.S., with home loans available to active-duty service members, veterans, Department of Defense employees and their families. While not officially ranked by J.D. Power, it received the highest score on its 2024 U.S. Mortgage Servicer Satisfaction Study. 

Loans: Conventional, VA, jumbo, refinancing, home equity loan, HELOC

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Credit score: Not disclosed

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The second-largest mortgage lender in the U.S., Rocket Mortgage originated $76.2 billion in mortgages in 2023. It was ranked No. 1 on J.D. Power’s 2024 mortgage servicer survey and came in sixth out of 22 for mortgage origination.

Loans: Conventional, FHA, VA, jumbo, refinancing, home equity loan

Credit score: 620 for conventional, 500 for FHA

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A cash-out refinance mortgage replaces your current home loan with a larger one with a new rate and term. The new loan pays off your current balance and the remaining funds are given to you as a cash loan.

To qualify for a cash-out refinancing loan, borrowers typically need a 620 FICO score, a debt-to-income ratio of 45% or less and at least 20% equity in their home. (Some lenders may have more flexible requirements.)

Most lenders will lend you up to 80% of your home’s value, although some will go as high as 90%. Some government-backed loans are eligible for a loan-to-value ratio of 100%, but lenders may have lower limits.

A portion of the interest on a cash-out mortgage refinance may be tax-deductible if you use the money to “buy, build, or substantially improve” a property, according to the IRS.

Home equity loans are second mortgages that offer homeowners a lump-sum cash payment with a fixed interest rate and repayment terms of between 5 and 30 years. They can be a good option if you have large one-time costs like buying a car or consolidating high-interest debt.

CNBC Select reviewed more than 30 mortgage lenders to find the best for cash-out refinancing. We focused on the following features:

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