The amount of money you can get in a cash-out refinance depends on several factors, including your home equity, credit score, and the lender’s guidelines. In general, most lenders will allow you to borrow up to 80% to 90% of your home’s appraised value, minus your outstanding mortgage balance. For example, if your home is worth $400,000 and you have a remaining mortgage balance of $200,000, you may be able to get a cash-out refinance for up to $280,000 ($400,000 x 80% – $200,000).
It’s important to note that the exact amount you can get may vary based on factors such as your credit score, debt-to-income ratio, and other underwriting criteria. Additionally, the interest rate on a cash-out refinance may be higher than on a traditional refinance or home equity loan, so it’s important to shop around and compare offers from multiple lenders to ensure you’re getting the best deal.
