It starts with your home’s value.
Lenders cap how much of that value you can borrow against.
It starts with your home’s value and the lender’s limit.
Typical limits
| Cash-out refinance | About 80% | of your home’s value with many conventional programs |
|---|---|---|
| Home equity loan | $50,000 to $250,000 | limit depends on the loan type and purpose; a loan consultant can tell you yours |
Many conventional cash-out programs cap the loan at about 80% of value; your loan consultant can tell you what applies to you. A home equity loan’s limit depends on the loan type and purpose.
Example: $500,000 home
| 80% of value | $400,000 | |
|---|---|---|
| Minus your balance | −$250,000 | |
| Cash available | $150,000 |
On a $500,000 home with a $250,000 balance, that’s about $150,000.
What else matters
- Credit score
- Debt-to-income ratio
- How you use the home
Your credit, income and how you use the home matter too.
ZERO Closing Costs
Both options come with ZERO Closing Costs (restrictions apply; see Offer details). For a cash-out refinance on a second home or investment property, ask your loan consultant whether it applies.
