Cash-out refinance lenders, compared
No lender fits everyone. The right one gives you the lowest all-in cost for your profile.
A cash-out refinance replaces your mortgage with a bigger one and pays you the difference in cash. The lender makes money on the rate and the closing costs, so those two numbers decide the deal.
Mortgage rates move daily. Get quotes from several lenders on the same day, then compare the loan estimates line by line. Below is how the main lenders stack up on the numbers that matter.
| Lender | Rate / costs | Credit min | The catch |
|---|---|---|---|
| Your current mortgage servicer Quote first | Varies | — | May waive some fees to keep you. Still compare it against outside quotes. |
| Rocket Mortgage | ~2–5% of loan in costs | 620 | Fully online. A low headline rate can carry points that raise the all-in cost. |
| New American Funding | ~2–5% of loan in costs | 580 | Lower credit floor helps thin profiles. Confirm the fees line by line. |
| loanDepot | ~2–5% of loan in costs | 620 | Offers a fee credit on a later refinance. Read what triggers it. |
How the main lenders line up
Start with the lender that already holds your loan, then quote at least two more the same day. Here is what sets each of these apart.
Rocket Mortgage
A fully online process, which many people find fast. The credit floor is around 620. Watch the points: a low advertised rate can mean you paid for it up front, so the all-in cost is higher than it looks. Read the full Rocket Mortgage review.
New American Funding
A lower credit floor, around 580, which opens the door for thinner profiles that other lenders turn away. The tradeoff is that a lower score usually means a higher rate, so check the fees and the rate together. Read the full New American Funding review.
loanDepot
Offers a fee credit if you refinance with them again later. That can lower a future cost, but it only pays off if you actually refinance again. Read the terms before you weigh it. Read the full loanDepot review.
A low advertised rate can hide high closing costs or points. The headline number is not the price.
Compare the loan estimate's all-in cost, not the rate on the ad. Run the numbers with an APR calculator, and see what a cash-out refinance really costs in the cost breakdown.