A cash-out refinance lets you replace your current mortgage with a larger one and pocket the difference — often at a rate far lower than a personal loan or credit card. Best when you have a clear, ROI-positive use for the cash and rates are favorable.
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Cash-out refi rates are usually 0.25–0.50% higher than rate/term refi. Lenders can charge a “cash-out adjustment” that surprises borrowers at closing. Always ask for the Loan Estimate with the cash-out specifically priced — never assume the rate you got pre-quoted applies once cash-out is added.
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Use equity to fund a remodel that adds resale value — interest may be tax-deductible (consult a CPA).
Pay off 22% credit card debt with mortgage-rate funds. Save thousands per year in interest.
Often beats federal grad student loan rates — but understand the trade-offs.
Some homeowners use equity as down-payment capital for rental properties — high-risk, high-discipline play.
| The Penny Stacker | Typical sales pitch | |
|---|---|---|
| Up to 80% LTV (conventional) / 80% (FHA) | ✓ | ✗ |
| Fixed rate, fixed payment | ✓ | ✗ |
| Long-term amortization (15–30 yr) | ✓ | ✗ |
| Possible tax-deductible interest | ✓ | ✗ |
| Closing costs rolled into loan | ✓ | ✗ |
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