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Best cash-out refinance lenders of 2026
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A cash-out refinance can help you reduce higher-interest debt, fund a home renovation, pay for college or make progress toward any other financial goal. Here are our picks for the best cash-out refinance lenders in 2026.
Best cash-out refinance lenders
| Lender | Credit requirements | Bankrate Score |
|---|---|---|
| FourLeaf Federal Credit Union | 580 for conventional loans; 500 for FHA loans | 4.9 |
| Chase | 620 for conventional loans; 680 for jumbo loans; 640 for FHA loans; 640 for VA loans | 4.9 |
| Sage Home Loans | 620 for conventional loans; 580 for FHA loans | 4.9 |
| Wells Fargo | 620 for conventional loans | 4.9 |
| Alliant Credit Union | 620 for conventional loans | 4.8 |
| Bank of America | 620 for conventional loans | 4.7 |
| Bison State Bank | 620 for conventional loans; 580 for FHA loans; 580 for VA loans | 4.7 |
| American Federal Mortgage | 620 for conventional loans; 660 for jumbo loans; 580 for FHA loans | 4.6 |
| Watermark Home Loans | 620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 580 for VA loans; 620 for USDA loans | 4.6 |
| Citibank | 620 for conventional loans; 680 for jumbo loans; 620 for FHA loans; 620 for VA loans | 4.5 |
| U.S. Bank | 620 for conventional loans; 640 for most FHA loans; 740 for most jumbo loans (will approve some borrowers with a score as low as 660) | 4.5 |
FourLeaf Federal Credit Union
Chase
Sage Home Loans
Wells Fargo
Alliant Credit Union
Bank of America
Bison State Bank
American Federal Mortgage
Watermark Home Loans
Citibank
U.S. Bank
How does cash-out refinancing work?
Cash-out mortgage refinancing is an option for homeowners who have built significant equity in their homes to replace high-interest debt, make home improvements or front another large expense. It works by replacing your current mortgage with a new, larger loan that includes the money you took out from your home equity. With your new loan, you’ll get a new interest rate.
Keep in mind: Most lenders require a homeowner to retain 20% equity in their home when doing a cash-out refinance.
Pros and cons of cash-out refinancing
Pros
- Access to a large sum to put toward other financial goals
- Might get you a lower interest rate than current loan if rates have dipped
- Potential to improve credit if using funds to consolidate high-interest debt
- Lower borrowing costs compared to a personal loan or credit card if you get a lower interest rate
Cons
- Need to pay closing costs
- Loss of existing equity in the property at closing, increasing overall debt load
- Foreclosure risk if you can’t repay the new loan amount
- Potential for a higher interest rate than your current mortgage if rates have increased
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