Best cash-out refinance lenders of 2026

Home equity continues to ride high in the final quarter of 2025, according to data from ICE Mortgage Technology, with roughly 48 million homeowners sitting on $11.2 trillion in tappable equity.

Because cash-out refinancing typically has lower rates, many homeowners find it a better way to convert their equity into cash than a HELOC or home equity loan. Cash-out refinances accounted for 59% of all refis this spring, with homeowners withdrawing an average of $94,000.

Below,  CNBC Select names the best lenders for cash-out refinancing, based on affordability, credit scores, borrowing limits and other criteria.

Check out our methodology to learn how we made our picks.

Who's this for? New American Funding approves cash-out refinancing applicants with credit scores as low as 580, well below the 620 most lenders require. NAF also accepts nontraditional credit references, such as on-time bill payments.

Standout benefit: Borrowers who don't close within 14 days may be eligible for a $250 closing-cost credit.

Who's this for? Not only does Better offer lower-than-average mortgage rates, but it also doesn't charge lender fees, which can be as much as 2% of your loan total. The fintech company will also match competitors' rates on comparable loans 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.

Who's this for? Most lenders won't lend more than 80% of a home's value, but United Wholesale Mortgage will accept an LTV of up to 90%.

Standout benefits: UWM offers hybrid and remote closings where available, and its Lock & Shop benefit lets applicants lock in their rate for up to 365 days.

Who's this for? If your current mortgage is with LoanDepot, you can refinance without paying lender fees.
which can equal 2% of your loan total. On a $400,000 mortgage, that could be as much as $8,000.

Standout benefits: LoanDepot offers a fully digital borrowing experience, including e-closings. It claims its closing timeline is up to 50% shorter than the industry average.

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

Standout benefits: Depending on the account balance, existing Chase customers are eligible for a mortgage rate discount of between 0.125% and 1%.

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% LTV.

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

Who's this for? Want to close quickly? Rocket Mortgage touts an average closing timeline of 21 days, less than half the industry average.

Standout benefits: You can reduce closing costs by watching videos and using loan calculators on the Rocket Mortgage website.

A cash-out refinance mortgage pays off your existing mortgage with a larger loan and a new rate and term. You can then spend the difference on renovations, paying off debts or any other expense.

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.

• Read: The seven types of mortgage refinancing

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 100% loan-to-value ratio, 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.

A cash-out refinance makes the most sense if you find an interest rate that's better than your current one. If not, you may want to consider one of these other ways to use your home equity to access cash.

Home equity loan

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

Home equity line of credit

HELOCs are secured lines of credit, typically with a 10-year draw period and a 20-year repayment period. If you have an ongoing project and aren't sure how much you'll need, a HELOC might be a better option than a home equity loan.

Reverse mortgage

Like a cash-out refinance, a reverse mortgage covers your outstanding loan balance and gives you additional money. Instead of monthly payments, though, the principal and any interest are due when the last surviving borrower or eligible spouse sells, moves or dies. Reverse mortgages are available to seniors, with FHA-backed options limited to homeowners 62 or older.

Home equity sharing

A home equity sharing agreement lets borrowers access cash in exchange for partial ownership of their house and a share of future appreciation. The principal and risk adjustment fee are repaid in full when you sell the house or at the end of a designated term. Home equity sharing may appeal to owners who are ineligible for other options due to poor credit or a high debt-to-income ratio.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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

• Availability: All of the lenders we chose issue home loans in all 50 states.
• Requirements: We examined applicant requirements, including minimum credit score, maximum debt-to-income ratio and minimum home equity.
• Maximum loan-to-value ratio: Lenders typically approve cash-out refinancing for up to 20% of the value of a borrower's home. We gave special consideration to lenders with more generous limits.
• Closing: The average time to close on a refinance mortgage is 47 days. We included lenders with shorter timelines and that offered on-time closing guarantees.
• Fees: Common charges associated with mortgage refinancing include origination, application and underwriting fees, as well as charges for credit reports, home appraisals and title insurance. We examined these costs and noted when lenders waived any fees.
• Application process: We reviewed each lender's application process, favoring lenders with easy-to-use online applications or numerous branches for an in-person option. 
• Customer service: Lenders on our list provide convenient customer service in person, by phone or online. We considered whether a provider had a mobile app or online chat feature and incorporated rankings from J.D. Power's mortgage surveys.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

Based on those criteria, our picks for the best lenders for cash-out refinancing are:

Best for bad credit: New American Funding
Best for affordability: Better Mortgage
Best for high borrowing limits: United Wholesale Mortgage
Best for existing customers: LoanDepot
Best for jumbo loans: Chase Bank
Best for military members and veterans: Navy Federal Credit Union
Best for speedy closings: Rocket Mortgage

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