Get cash out from the equity in your home by Refinancing
A cash out refinance home loan will allow you to get money from your home's equity. Use these funds to consolidate debt, do home improvements or simply get cash in hand. A cash out refinance home loan can be accomplished through nearly any type of loan product including a FHA Mortgage, Conventional Mortgage or even a VA Loan.
Many home owners are able to use a cash out refinance to pay off credit cards and other high interest loans and reduce their overall monthly payments.
For more information on cash out refinance programs from Riverbank, call us at 800-555-2098 or apply online today!
- Fund Home Improvements and Renovations
- Consolidate Debt
- Get a Lower Interest Rate
- Free Up Money to Invest
- Refinance a HELOC into a Fixed Rate
Get Your Free Mortgage Quote
Answer a few quick questions and a licensed Michigan loan officer will follow up with your personalized quote — no obligation.
By clicking “Submit”, you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.
Cash Out Refinance Home Loan Options
Use a cash out refinance home loan to access the money you have built up in your home. Unlike a traditional savings account, the equity in your home cannot be accessed easily. You can sell your home to receive the equity, however if you plan to continue living there you will need to take a mortgage against the equity to get the cash out.
- Cash Out Conventional Home Loans
- Cash Out FHA Refinance
- VA Cash Out home loan
- USDA Rural Development cash out loan
- Cash Out Home Equity loan
Cash Out Refinance for Home Improvement
A top reason to use a cash out refinance is to do home improvements. Unlike rehabilitation loans or construction loans, a cash out refinance allows you to take control of the money.
At the closing of a cash out refinance you are given a check directly from the title company which you then deposit into your personal savings account. You may use this money for do-it-yourself projects or you can pay contractors of your choice.
Cash-Out Refinance Vs. Home Equity Loan
When looking to access the equity from your home, many people look to a cash out refinance or a Home Equity Loan (HELOC). There are pros and cons to each.
If you are looking to get a small amount of money, under $10,000, and are already at a competitive fixed rate on your primary mortgage then a HELOC may be a good option to consider.
If you are looking for a large sum of money for home renovations or debt consolidation then a cash out refinance may be a good fit, especially if refinancing your primary mortgage would also give you a lower fixed rate.
How Much Cash Can You Take Out?
On a conventional cash-out refinance for a primary residence, loan-to-value is generally capped at 80%, meaning you'll typically need to retain at least 20% equity in your home. Eligible veterans using a VA cash-out refinance may be able to access more of their equity, subject to lender guidelines. Your loan officer can review your specific scenario and let you know what's available for your loan type and property.
Cash Out Refinance FAQ
Is a cash out refinance the same as a home equity loan?
No. A cash out refinance replaces your existing mortgage with a new, larger loan and gives you the difference in cash. A home equity loan or HELOC is a separate loan or line of credit in addition to your current mortgage.
Will my interest rate change with a cash out refinance?
Since you're replacing your existing mortgage, your new interest rate will reflect current market rates rather than the rate on your original loan. A loan officer can walk you through how that compares to your existing rate.
What cash out refinance clients say
Rated 4.9 out of 5 from 1020 Google reviews of Riverbank Finance LLC.
“Sonya was the best! I had many, many questions and concerns as a first-time homebuyer and she was very patient and understanding. I spoke with at least 4 other companies about getting pre-approved at the start of this process and Sonya was the only person who consistently answered my questions and proactively reached out to see if I needed anything or had more questions. Between her and our agent I really felt like buying our home was a team effort, and I can't imagine any way things could have gone more smoothly.”
“This is the second time that I have worked with the team at Riverbank Finance and once again they nailed it. They helped me with the financing on my very first home and now years later they helped me and my family upgrade to a new house. Most recently we worked with Anthony, who did a fantastic job. He made himself available any time for questions and he was on top of the process making sure things were moving along for us the entire time. Even the few times when he wasn't available, he made sure to connect us with someone else on his team that was competent to answer questions and keep helping us. This was something that I appreciated a lot, it set them in contrast to so many other places that will just leave you hanging. My realtor even commented on how easy it was to work with the Riverbank team.”
“If I could give a negative I would. First, I'm a retired senior, vet, just getting over cancer. I applied at this company for a MOBILE home. Something I told myself, I would never do. Paid off all my bills, raised my credit score over 700. I applied with them for a reasonable price trailer, that I could move into and get my house available for sale/or rent. THEY DEMANDED ALL MY PERSONAL INFORMATION, 1099, W2, copy of my Driver's license and even my bank statements. Wouldn't you think you got the LOAN, NO; demanding by email for me to SIGN a document allowing them to SOLICIT my CELL PHONE with my permission and my bank statements. The next email said NO to the loan unless I sell my house and $10000 down. ON A FLIPPING TRAILOR. Talk about taking advantage of a senior and getting ALL MY PERSONAL INFORMATION, that should be illegal. I would not recommend this financial institution to a dog. Don't do business with them. Interesting how this owner for his company SAID ALL MOBILE”
“Sonya was exceptional wonderful. Timing was great, everything kept moving smoothly right along. The others that helped out extremely respectful and helpful also. I have to say they are the best when you are refinancing or need a mortgage. Communication was above and beyond my expectations. Thank you all so very much. Definitely will use them again and reference them to everyone!!”
“As a first-time homebuyer, I really appreciated how informative and patient Anthony was throughout the entire process. He took the time to explain each step clearly and made sure I felt comfortable and confident in my decisions. Communication was always prompt and helpful, and I consistently felt like I was in good hands. I’d highly recommend Anthony to anyone looking for a knowledgeable and reliable mortgage broker.”
“Anthony Bird was fantastic through our home purchase experience. He was always available for our questions and made sure the process was as smooth as possible and that we knew all our options. This was our second time using him and would recommend!”
“Sonya was AMAZING to work with! I had a challenging situation and she found me a great option for my mortgage, whereas other companies flat out said, “nope, can’t help you.” I closed this week and the entire process was smooth and Sonya was very accessible/responsive to my questions along the way. I am extremely pleased, and thankful, for having found Sonya at Riverbank, for my mortgage.”
“We can’t say enough great things about Michaele! Buying a new home is a huge decision, and throughout the entire process, she made us feel confident, informed, and genuinely cared for. As a family of five preparing to move into our new home, there were plenty of questions and moving pieces along the way. Michaele was always quick to respond, patient with our questions, and willing to go the extra mile to make sure we understood every step. We never felt like just another transaction—she truly had our family's best interests at heart Her professionalism, knowledge, and attention to detail helped make what could have been a stressful experience feel smooth and manageable. Thanks to her guidance, we were able to focus on the excitement of finding the right home for our family. We are incredibly grateful for all of her hard work and would highly recommend her to anyone looking for a mortgage professional who is not only excellent at what she does, but also genuinely cares about her clie”
Get started with your cash out refinance
Submit your information now and a licensed residential loan officer will contact you within 24 hours. If you need immediate assistance then please call us now at 800-555-2098!
Apply Now 800-555-2098