Refinance into a new first mortgage and take the difference in cash — at a fixed rate, predictable payment, and a lender shopped through our 50+ partner network.
Replace your existing mortgage with one new loan at today's fixed rate, including the cash you pull out.
Conventional cash-out goes to 80% of home value; VA goes higher for eligible borrowers.
Renovations, debt payoff, investing, education — the strongest use cases pay you back over time.
Sometimes a HELOC is the cheaper tool. We'll tell you when, even if it means a smaller deal for us.
Pull $60k of that cash to wipe out $60k in 22% APR credit cards. The card payments freed up dwarf the mortgage payment increase — but only if the cards stay paid off.
For illustration only. Numbers are hypothetical and don't represent an offer, rate lock, or guarantee. Actual rates, payments, fees, and qualification depend on your credit profile, the property, the lender, current market conditions, and required taxes & insurance. APR will differ from interest rate. 8Twelve Mortgage is an independent brokerage and arranges — but does not make — loans. Equal Housing Opportunity.
Take your home's appraised value, multiply by the program's max LTV (80% on conventional), and subtract your existing mortgage balance. That difference is the maximum cash you can pull — minus closing costs.
Cash-out refi makes sense when you need all the funds upfront, want a fixed rate, and your current mortgage rate is comparable to or higher than today's market. A HELOC wins when you only need a portion at a time, want to keep your existing low rate, or expect to repay quickly.
Cash-out has a reputation problem because some people use it badly. The math is unforgiving on consumables — vacations, depreciating assets, lifestyle inflation. The math is excellent on equity-building or interest-eliminating uses.
Cash-out loans price slightly above rate-and-term refinances — typically by an eighth to a quarter point in rate, depending on credit and LTV. On a $400k loan, that's roughly $40–80/month. Worth knowing, rarely a dealbreaker.
Cash-out refis are full-doc by default — two years of W-2s or tax returns, recent paystubs, two months of bank statements, ID, and homeowner's insurance. Self-employed borrowers should expect to provide business returns plus a current YTD P&L. Bank-statement and asset-based programs exist for non-traditional income.
On a conventional cash-out, you can typically borrow up to 80% of your home's value. VA cash-out can go up to 90–100% for eligible borrowers. FHA cash-out is generally capped at 80%.
No. It's loan proceeds, not income. The interest may be tax-deductible if the funds are used to substantially improve the home — talk to a tax advisor for your specific situation.
A cash-out refi replaces your whole mortgage at a fixed rate. A HELOC adds a second lien you can draw from over time, usually at a variable rate. Cash-out makes sense when you want all the funds now and a fixed payment; HELOC fits when you want flexibility or only need a portion at a time.
Anything legal — renovations, debt consolidation, education, investing, a down payment on another property, even a business. The most defensible uses are ones that build equity or eliminate higher-rate debt.
Usually slightly. Conventional cash-out adds a small pricing adjustment over rate-and-term. We'll show you the difference both ways so the trade-off is explicit.
30–45 days is typical. The appraisal is the main timeline driver — once that's in, the rest moves quickly.
A 3-minute application. Soft credit pull. A real rate from a broker shopping 50+ lenders for you.
