Top Cash-Out Refinance Lenders of the Year 2025
Updated & Rewritten
Unleash the power of your home's equity with a cash-out refinance! This financial tool can help you slash high-interest debt, revamp your house, fund education, or reach any other financial milestone. Here's a rundown of the top cash-out refinance lenders in 2025.
Top Cash-Out Refinance Lenders
Let's dive into the crème de la crème of lenders that'll help you tap into your home's equity!
Chase
- Coverage: All U.S. states
- Loan Types: Conventional, jumbo, FHA, VA, refinancing, and more
- Credit Requirements: 620 for conventional loans (680 for jumbo loans), 640 for FHA and VA loans
- Find Them: Branch locations and online
Chase
##### Pros
620 for conventional loans, 680 for jumbo loans, 640 for FHA loans, 640 for VA loans
- Wide availability for borrowers across all states
- Existing Chase customers might enjoy rate discounts
- $5,000 closing guarantee for added peace of mind
4.9
##### Cons
- Bank might not cater to borrowers with unique credit circumstances
- Absence of branches in some states
Bank of America
Bank of America
620 for conventional loans
- Coverage: All U.S. states
- Loan Types: Conventional, jumbo, FHA, VA, refinancing, and more
- Credit Requirements: 620 for conventional loans
- Find Them: Branch locations or online
4.8
##### Pros
- Offers grant programs for low- and moderate-income buyers
- Rates are readily available online
- Preferred Rewards customers will receive discounts
Better
##### Cons
620 for conventional loans, 580 for FHA loans, 620 for VA loans
- USDA loans are unavailable
- Lacks transparency on borrower requirements
4.8
Better
- Coverage: All U.S. states
- Loan Types: Conventional, FHA, VA, refinancing, and more
- Credit Requirements: 580 for FHA loans, 620 for VA and conventional loans
- Find Them: Online
Navy Federal Credit Union
##### Pros
Undisclosed
- Primarily online service, with real-time rates, three-minute pre-approvals, and hybrid closings
- One Day Mortgage for expedited approvals
- Price Guarantee matches or beats competitor offers
4.8
##### Cons
- Branch locations available only in ten states
- No USDA loans available
PenFed Credit Union
Navy Federal Credit Union
650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
- Coverage: All U.S. states
- Loan Types: Conventional, jumbo, VA, refinancing
- Credit Requirements: Not disclosed
- Find Them: Branch locations or online
4.8
##### Pros
- Offers up to two rate relocks
- Provides rate-match guarantee or $1,000 payment
PNC Bank
##### Cons
620 for conventional loans, 620 for jumbo loans, 620 for FHA loans, 640 for USDA loans
- Membership is a necessity for borrowing
- No FHA or USDA loans available
4.8
PenFed Credit Union
- Coverage: All U.S. states
- Loan Types: Conventional, jumbo, FHA, VA, refinancing, and more
- Credit Requirements: 620 for FHA loans, 650 for conventional loans (700 for jumbo loans)
- Find Them: Branch locations or online
SoFi
##### Pros
620 for conventional loans, 600 for FHA loans, 600 for VA loans
- Convenient management of banking and mortgage in one spot
- Competitive rates for loans
4.8
##### Cons
- No USDA loans
- No online customization of rates
- Higher minimum credit score requirements versus competitors
## PNC Bank
- Coverage: All U.S. states
- Loan Types: Conventional, jumbo, FHA, VA, USDA, refinancing, and more
- Credit Requirements: 620 for FHA, conventional, and jumbo loans, 640 for USDA loans
- Find Them: Branch locations or online
### Pros
- Online and in-person application options for your convenience
- Application status can be tracked online
- Wide selection of loan options to satisfy diverse needs
### Cons
- Higher FHA loan credit minimum than competitors
- Limited mobile application functionality
- Below-average J.D. Power rating for mortgage servicing
SoFi
- Coverage: All U.S. states except Hawaii (no refinances in New York)
- Loan Types: Conventional, jumbo, FHA, VA, refinancing, and more
- Credit Requirements: 600 for VA and FHA loans, 620 for conventional loans
- Find Them: Online
##### Pros
- Cash out and close on time, or receive up to $10,000 for additional costs
- Up to $9,500 rebate if you partner with a SoFi agent real estate
##### Cons
- No USDA loans available
- Limited to online application process (no branch locations)
Cash-out refinancing streamlines your debt, allowing you to take out a larger loan and use the difference for other purposes, all while potentially enjoying lower interest rates and a simplified monthly payment. Keep in mind that most lenders expect homeowners to maintain 20% equity after the refinance.
### Cash-Out Refinancing: Pros and Cons
Pros
- Access to a large sum for financial goals
- Lower interest rates possible due to attractive market conditions
- Improved credit if consolidating high-interest debt
- Lower borrowing costs than personal loans or credit cards when securing a lower interest rate
Cons
- High closing costs, ranging from 2-5% of the loan amount
- Higher overall debt load due to loss of home equity
- Increased risk of foreclosure if unable to repay the new loan
- Potential for a higher interest rate than the original mortgage if market conditions change
Whether you're dreaming of a home renovation, considering debt consolidation, or gearing up for a big purchase, a cash-out refinance could be the financial aid you need. Make sure to weigh the pros and cons and find the best lender that fits your mortgage refinance requirements. Happy refinancing!
[1] Investopedia. (2021). Cash-out Refinancing. Retrieved from https://www.investopedia.com/terms/c/cash-out-refinancing.asp [2] Better. (n.d.). Cash-out Refinance. Retrieved from https://www.better.com/learn/mortgage/cash-out-refinance [3] MyRatePlan. (n.d.). Cash-out Refinance told me my total cost of borrowing was $12,899. Is this normal? Retrieved from https://www.myrateplan.com/forum/advice-on-cash-refinance-question-88128.html [4] Bankrate. (2021). Pros and cons of cash-out refinancing. Retrieved from https://www.bankrate.com/home-buying/cash-out-refinance-pros-cons/
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