Top cash-out refinance lenders in 2025: A comprehensive guide for homeowners seeking financial leverage.
Refinance Your Mortgage with Cash in Hand: Top Lenders in 2025
Need some extra cash? A cash-out refinance could be the perfect solution for funding your next adventure, paying off high-interest debt, or renovating your home. Here are the top lenders offering this service in 2025:
Best Cash-Out Refinance Lenders
| Lender | Credit Requirements | Rating ||--------|--------------------|-------|| 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
A legendary player in the financial world, Chase offers a myriad of loan options, including cash-out refinances. With a nationwide presence and over 4,700 branches, borrowers can access their services through both online channels and physical locations.
Chase
- Pros: Extensive branch network, existing Chase customers may receive rate discounts, $5,000 closing guarantee.
- Cons: Not the best fit for borrowers with unique credit or financial circumstances, branches not located in all states.
620 for conventional loans, 680 for jumbo loans, 640 for FHA loans, 640 for VA loans
Bank of America
4.9
A household name in banking, Bank of America provides a wide range of loan products. Aside from your typical conventional and jumbo loans, they offer cash-out refinancing. Plus, they showcase their rates online, which is always convenient for prospective borrowers.
- Pros: Offers grant programs to low- and moderate-income buyers, transparent rates, awards discounts for Preferred Rewards customers.
- Cons: No USDA loans, limited transparency about borrower requirements.
Bank of America
Better
620 for conventional loans
Online lender Better offers various loan options, including cash-out refinances, with a quick and seamless application process. They strive to deliver a smooth and efficient customer experience.
4.8
- Pros: Completely digital, online rates, three-minute preapprovals, hybrid closings, and Price Guarantee.
- Cons: No USDA loans, limited physical presence (only 10 states have branch locations).
Navy Federal Credit Union
Better
An exclusive credit union for U.S. military members and their families, Navy Federal Credit Union has gained a solid reputation for their lending services. They offer a cash-out refinance option but require membership to borrow.
620 for conventional loans, 580 for FHA loans, 620 for VA loans
- Pros: Allows up to two rate relocks, provides rate-match guarantee or pays $1,000.
- Cons: Membership is mandatory, no FHA or USDA loans available.
4.8
PenFed Credit Union
PenFed Credit Union caters to military personnel, government employees, contractors, and their families. They offer cash-out refinances, in addition to other loan products.
Navy Federal Credit Union
- Pros: The convenience of managing banking and mortgage through one provider, competitive rates.
- Cons: No USDA loans, no option to customize rates online, higher minimum credit score requirements.
Undisclosed
PNC Bank
4.8
PNC Bank boasts a presence in all U.S. states, offering cash-out refinancing and a variety of other loans.
- Pros: Online and in-person application options, wide availability with many loan options.
- Cons: Higher minimum credit score on FHA loans, limited mobile app functionality, below-average J.D. Power rating for mortgage servicing.
PenFed Credit Union
SoFi
650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
An online-only lender, SoFi has garnered a reputation for their innovative approach to personal finance. They offer cash-out refinancing services, with an emphasis on customer service.
4.8
- Pros: Close on time or receive up to $10,000 to cover additional costs, potential up to $9,500 rebate if you work with a SoFi partner real estate agent.
- Cons: Doesn't offer USDA loans, no branch locations.
What is Cash-Out Refinancing?
PNC Bank
Cash-out refinancing enables homeowners to replace their existing mortgage with a larger one, extracting equity from their homes to cover personal financial needs. With the new loan, they receive a lump sum and a new interest rate. Most lenders require that homeowners maintain at least 20 percent equity after the cash-out.
620 for conventional loans, 620 for jumbo loans, 620 for FHA loans, 640 for USDA loans
Advantages and Disadvantages of Cash-Out Refinancing
4.8
Pros
- Access to a large sum for personal financial goals
- Lower interest rates on new loans if rates have dropped
- Improved credit if high-interest debt is consolidated
- Lower borrowing costs compared to personal loans or credit cards if a lower interest rate is obtained
SoFi
Cons
620 for conventional loans, 600 for FHA loans, 600 for VA loans
- Closing costs to be paid (often added to the loan balance)
- Loss of existing equity in the property
- Increased overall debt load
- Higher risk of foreclosure if the new loan amount cannot be repaid
- Potential for higher interest rates if rates have increased since the original mortgage
4.8
If you are considering cash-out refinancing, weigh these advantages and disadvantages carefully. Investigate other funding options and determine which one best suits your financial situation.
[1] https://www.investopedia.com/terms/c/cash-out-refinance.asp[2] https://www.nerdwallet.com/blog/mortgages/cash-out-refinance-what-is-it-how-does-it-work/[3] https://www.forbes.com/advisor/mortgages/qualify-for-cash-out-refinance/[4] https://www.hsh.com/mortgage-rates/home-equity-loan-vs-heloc-vs-cash-out-refinance/[5] https://www.lendingtree.com/home/cash-out-refinance/what-is-a-cash-out-refinance/
- With a cash-out refinance, homeowners can utilize the equity in their homes to finance various aspects of their lifestyle, such as paying off high-interest debt, investing in personal finance, or renovating their homes with products from the home-and-garden sector.
- Whether seeking to upgrade their fashion-and-beauty collection or fund an exciting trip, people who refinance their mortgages with a cash-out refinance could also direct the funds towards personal expenses, enhancing their overall quality of life.
- In addition to improving their homes and funding personal endeavors, cash-out refinancing may provide the opportunity to diversify an individual's financial portfolio by investing in various financial markets, such as stocks, bonds, or real estate.
