Best cash-out refinance lenders of 2025

A cash-out refinance can help you reduce higher-interest debt, fund a home renovation, pay for college or make progress toward any other financial goal. Here are our picks for the best cash-out refinance lenders in 2025.
Best cash-out refinance lenders
Lender | Credit requirements | Bankrate Score |
---|---|---|
Chase | 620 for conventional loans, 680 for jumbo loans, 640 for FHA loans, 640 for VA loans | 4.9 |
Bank of America | 620 for conventional loans | 4.8 |
Better | 620 for conventional loans, 580 for FHA loans, 620 for VA loans | 4.8 |
Navy Federal Credit Union | Undisclosed | 4.8 |
PenFed Credit Union | 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans | 4.8 |
PNC Bank | 620 for conventional loans, 620 for jumbo loans, 620 for FHA loans, 640 for USDA loans | 4.8 |
SoFi | 620 for conventional loans, 600 for FHA loans, 600 for VA loans | 4.8 |

Chase
-
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, refinancing and more
- Credit requirements: 620 for conventional loans; 640 for VA and FHA loans; 680 for jumbo loans
- Where to find: Branch locations and online

Bank of America
-
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, refinancing and more
- Credit requirements: 620 for conventional loans
- Where to find: Branch location or online

Better
-
- Availability: All U.S. states
- Loans offered: Conventional, FHA, VA, refinancing and more
- Credit requirements: 580 for FHA loans; 620 for VA and conventional loans
- Where to find: Online

Navy Federal Credit Union
-
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, VA, refinancing
- Credit requirements: Undisclosed
- Where to find: Branch location or online

PenFed Credit Union
-
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, refinancing and more
- Credit requirements: 620 for FHA loans; 650 for conventional loans; 700 for jumbo loans
- Where to find: Branch location or online

PNC Bank
-
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA, refinancing and more
- Credit requirements: 620 for FHA, conventional, and jumbo loans; 640 for USDA loans
- Where to find: Branch location or online

SoFi
-
- Availability: All U.S. states except Hawaii (no refinances in New York)
- Loans offered: Conventional, jumbo, FHA, VA, refinancing and more
- Credit requirements: 600 for VA and FHA loans; 620 for conventional loans
- Where to find: Online
How does cash-out refinancing work?
Cash-out mortgage refinancing is an option for homeowners who have built significant equity in their homes to replace high-interest debt, make home improvements or front another large expense. It works by replacing your current mortgage with a new, larger loan whose balance includes the money you took out of your home equity. With your new loan, you’ll get a new interest rate.
Keep in mind: Most lenders require a homeowner to retain 20 percent equity in their home when doing a cash-out refinance.
Pros and cons of cash-out refinancing
Pros
- Access to a large sum to put toward other financial goals
- Might get you a lower interest rate than current loan if rates have dipped
- Potential to improve credit if using funds to consolidate high-interest debt
- Lower borrowing costs compared to a personal loan or credit card if you get a lower interest rate
Cons
- Need to pay closing costs
- Loss of existing equity in the property at closing, increasing overall debt load
- Foreclosure risk if you can’t repay the new loan amount
- Potential for a higher interest rate than your current mortgage if rates have increased
Frequently asked questions about cash-out refinancing
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