Refinance for a payment that fits, or put your home equity to work.
BetterHomeRate helps homeowners compare refinance options. Check what a new rate could do for your monthly payment, or how much cash your equity could unlock.
- Lower your monthly paymentSwap your current mortgage for a lower rate or a longer term and free up room in your budget.
- Take cash out of your homePay off credit cards, auto loans and personal loans, or fund a business or real estate purchase.
Illustrative estimate of principal and interest only. It excludes taxes, insurance, closing costs and fees. The rates shown are examples, not offers. Your actual rate depends on your credit, home value and lender.
What a cash-out refinance can pay for
A cash-out refinance replaces your mortgage with a larger one and gives you the difference in cash. Most lenders let you borrow up to about 80% of your home's value, including what you still owe.
Credit card balances
Roll high-interest card debt into one mortgage payment, often at a much lower rate.
Auto loans
Pay off your car loans and replace several due dates with a single monthly payment.
Personal loans
Close out personal loans and consolidate what you owe into a single, longer-term loan.
Business funding
Use your equity to cover startup costs, equipment, inventory or working capital.
Real estate purchases
Pull out a down payment for a rental property, a second home or an investment.
Home improvements
Fund a renovation that can add comfort and value to the home you already own.
Worth knowing: paying off unsecured debt with your home equity means that debt is now secured by your home. Stretching it over 30 years can also raise the total interest you pay. We help you see both sides before you decide.
From first look to closing in three steps
Tell us your goal
Lower payment or cash out. Share your home value, balance and what you want to accomplish.
Compare your options
See estimated rates, payments and costs side by side so you can choose what fits your plan.
Choose and close
Pick your loan, submit your documents and close. We flag what's needed at every step.
Questions homeowners ask
When does refinancing to lower my payment make sense?
Usually when a new rate is meaningfully lower than yours, or when a longer term brings the payment down to a level you need. Compare the closing costs to your monthly savings to see how long it takes to break even, and how long you plan to stay in the home.
How much cash can I take out?
Many lenders cap a cash-out refinance at roughly 80% of your home's value, counting your existing mortgage. On a $550,000 home with a $300,000 balance, that leaves about $140,000 of potential cash. Limits vary by lender and loan type.
Is a cash-out refinance better than a personal loan or credit card?
Mortgage rates are often lower than rates on cards and personal loans, which can cut your monthly cost. The tradeoffs are closing costs, a longer repayment period and putting your home behind the debt. It depends on your situation.
What does it cost to refinance?
Expect closing costs such as an appraisal, title services and lender fees. They're often a few percent of the loan amount. Some lenders let you roll them into the loan, which raises your balance.
Will checking my rate hurt my credit?
Comparing estimates on this page doesn't affect your credit. When you apply, lenders run a credit check. Multiple mortgage inquiries within a short window are typically treated as a single inquiry for scoring purposes.
See what your home could do for you
Answer a few questions and compare refinance options for your payment or your cash-out goal.
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