Best Cash-Out Refinance Lenders 2026: Rates & LTV Limits Com

The best cash-out refinance lenders in 2026 are Rocket Mortgage for speed and online experience, Better for lowest-rate shoppers, and Navy Federal Credit Union for veterans and military families. Cash-out refinance rates currently run 6.4%–7.8% for well-qualified borrowers (30-year fixed), and most lenders cap borrowing at 80% LTV — meaning you need at least 20% equity remaining after the cash-out. Here is how the top lenders compare on rate, fees, LTV limits, and closing timelines.

Last updated: May 2026 | Rates change daily — verify current rates directly with lenders | Not financial advice

How We Ranked These Cash-Out Refinance Lenders

We evaluated 11 lenders across five criteria specific to cash-out refinancing:

Criteria	Weight	What We Measured
Rate competitiveness	30%	Published rates vs. Freddie Mac benchmark for equivalent borrower profiles
LTV flexibility	25%	Maximum LTV allowed; VA/FHA options for higher LTV
Closing speed	20%	Average days to close based on lender-published data and user reviews
Fee structure	15%	Origination fees, lender credits, no-closing-cost options
Credit score requirements	10%	Minimum FICO for approval and for best-rate qualification

The 7 Best Cash-Out Refinance Lenders in 2026

1. Rocket Mortgage — Best Overall for Speed and Digital Experience

Quick answer: Rocket Mortgage closes cash-out refinances in an average of 26 days — faster than most traditional lenders. Rates are competitive but not lowest-market; the premium is in the process. Their digital platform allows document upload, rate lock, and loan tracking entirely online. Minimum 620 FICO; maximum 80% LTV for conventional.

Rates: Typically 0.1–0.2% above lowest-market rates
Max LTV: 80% (conventional); higher with VA or FHA
Min FICO: 620 (best rates at 740+)
Avg closing time: 26 days
Origination fee: 0.5–1% of loan amount

Pros:

Fastest average closing time among major lenders
Fully digital — no branch visits required
24/7 customer support via chat and phone
Verified Approval Letter speeds the process if you need to act quickly

Cons:

Rates are not the lowest in the market — Better and credit unions often beat them by 0.1–0.25%
Origination fee is charged where some competitors offer lender credits
Less suitable for complex financial situations that benefit from human underwriting guidance

Who this is best for: Borrowers who prioritize speed and a seamless digital process over shaving the absolute lowest rate.
Who should avoid this: Highly rate-sensitive borrowers who will spend significant time rate-shopping — Better or a credit union will typically win on rate.

2. Better Mortgage — Best for Rate-Sensitive Borrowers

Quick answer: Better consistently offers rates 0.1–0.3% below major competitors by operating with lower overhead (no commissioned loan officers). Cash-out refinances close in 30–45 days. No origination fee on most loans. Minimum 620 FICO; 80% max LTV conventional.

Rates: Among the lowest in the market — typically 0.1–0.3% below Rocket and traditional banks
Max LTV: 80% (conventional)
Min FICO: 620 (best rates at 760+)
Avg closing time: 30–45 days
Origination fee: $0 on most loans (no commissioned loan officers)

Pros:

No origination fee on most cash-out refinances
Lowest published rates among major online lenders in most rate environments
Instant rate quote without a credit pull (soft inquiry only for initial estimate)
Fully digital process

Cons:

No physical branches — limited human touchpoints during complex situations
Customer service wait times can be longer during peak refinance periods
Not available in all states

Who this is best for: Borrowers with strong credit (720+) and straightforward financial situations who want the lowest possible rate.

3. Navy Federal Credit Union — Best for Veterans and Military Families

Quick answer: Navy Federal offers VA cash-out refinances up to 100% LTV — meaning eligible veterans can cash out their entire equity without leaving a 20% cushion. Rates are among the lowest available for VA loans. Membership required (military, veterans, and their families qualify).

Rates: Highly competitive — typically 0.25–0.5% below conventional market rates for VA loans
Max LTV: 100% (VA cash-out); 80% (conventional)
Min FICO: 580 (VA); 620 (conventional)
Avg closing time: 30–40 days
Membership: Required — military, veterans, DoD civilians, and family members

Pros:

100% LTV cash-out via VA loan — no equity minimum requirement
No PMI on VA loans regardless of LTV
Among the lowest rates available for VA-eligible borrowers
Full-service credit union with checking, savings, and auto loans

Cons:

Membership restricted to military-connected individuals and families
In-person service requires branch location access (limited geographic footprint)
VA funding fee applies (typically 2.15–3.3% for first use, rolled into loan)

Who this is best for: Any veteran or active-duty military member — Navy Federal's VA cash-out terms are the strongest available to eligible borrowers.

4. loanDepot — Best for Borrowers with Lower Credit Scores

Quick answer: loanDepot's Mello smart technology platform offers cash-out refinances starting at 580 FICO (FHA) and 620 (conventional). They offer both conventional and FHA cash-out options, with FHA allowing up to 80% LTV at lower credit thresholds. Rates are mid-market; strength is accessibility.

Rates: Mid-market — competitive but not lowest
Max LTV: 80% (conventional); 80% (FHA cash-out)
Min FICO: 580 (FHA); 620 (conventional)
Avg closing time: 35–45 days
Origination fee: Varies by loan type

Pros:

Accessible to borrowers with FICO scores in the 580–659 range via FHA
Licensed in all 50 states — broad geographic availability
Lifetime Guarantee on conventional refinances (no lender fees on future refinances for life of the home)
Dedicated loan consultant assigned to each borrower

Cons:

Rates are not the most competitive for top-tier credit borrowers
Mixed customer service reviews for complex loan situations
FHA cash-out requires MIP (mortgage insurance premium) which adds cost

Who this is best for: Borrowers with credit scores between 580–679 who need cash-out access but can't qualify for best conventional rates.

5. Bank of America — Best for Existing Customers with Preferred Rewards

Quick answer: Bank of America offers rate discounts of 0.125%–0.500% for Preferred Rewards members (based on combined banking and investment balances). A Platinum Honors member (combined $100K+ in BofA/Merrill accounts) gets the maximum discount — potentially making BofA the rate winner for existing wealth management clients.

Rates: Market rate minus 0.125–0.500% for Preferred Rewards members
Max LTV: 80% (conventional)
Min FICO: 680 (stricter than most online lenders)
Avg closing time: 45–60 days (slower than online competitors)
Origination fee: Typically $0 for Preferred Rewards members

Pros:

Significant rate discount for existing Bank of America/Merrill Lynch clients
In-person support at 4,000+ branches nationwide
Strong underwriting for complex financial situations (self-employed, investment income)
No origination fee for Preferred Rewards members

Cons:

Higher minimum credit score (680) vs. online lenders
Significantly slower closing timeline (45–60 days vs. 26 for Rocket)
Rate advantage only applies to existing customers with substantial account balances

Who this is best for: Existing Bank of America customers with $50K+ in combined deposit and investment accounts who qualify for the Preferred Rewards discount.

6. Chase — Best for Jumbo Cash-Out Refinances

Quick answer: Chase offers cash-out refinance on jumbo loans (above $766,550 conforming limit in most markets) with competitive rates and strong underwriting. Their Relationship Pricing program offers rate discounts for clients with Chase Private Client accounts. Minimum 680 FICO.

Rates: Competitive for jumbo; mid-market for conforming
Max LTV: 75–80% (conforming); 70–75% (jumbo)
Min FICO: 680
Avg closing time: 45–60 days
Origination fee: Varies; relationship pricing available

Pros:

Strong jumbo lending capability with in-house underwriting
Relationship pricing for Chase Private Client customers
In-person support at 4,700+ branches
Home Lending Advisor assigned for personalized guidance

Cons:

Slower closing timeline than online lenders
Stricter LTV limits on jumbo cash-out (70–75% vs. 80% for conforming)
Less competitive for standard conforming loan borrowers vs. online options

Who this is best for: Borrowers with high-value properties needing jumbo cash-out refinancing, particularly existing Chase Private Client customers.

7. Figure — Best for Home Equity Alternative (HELOC vs. Cash-Out Refi)

Quick answer: Figure isn't a traditional cash-out refinance lender — it's a HELOC lender. But for many homeowners, a Figure HELOC is a better tool than a full cash-out refinance: you keep your existing low-rate first mortgage and draw only what you need. Figure closes in 5 days (fastest in this list) and offers HELOCs up to 95% CLTV.

Product: HELOC (not a full refinance)
Max CLTV: 95% (much higher than cash-out refi options)
Rates: Prime + margin; variable rate
Min FICO: 640
Avg closing time: 5 days

Pros:

Preserves your existing first mortgage rate — critical if you have a 3–4% rate from 2020–2021
95% CLTV allows equity access with minimal cushion requirement
Fastest closing of any option — 5 business days
Draw only what you need, when you need it

Cons:

Variable rate — payment increases if Prime rate rises
HELOC is a second lien — slightly higher risk in foreclosure scenario
Not available in all states (currently ~45 states)
Variable rate vs. fixed rate of a cash-out refinance is the key trade-off

Who this is best for: Homeowners with a low-rate existing mortgage (under 5.5%) who need cash access but don't want to refinance their entire balance at current higher rates.

Cash-Out Refinance Lender Comparison

Lender	Rate Competitiveness	Max LTV	Min FICO	Avg Close	Best For
Rocket Mortgage	Mid-market	80%	620	26 days	Speed
Better	Lowest	80%	620	30–45 days	Rate
Navy Federal	Lowest (VA)	100% (VA)	580 (VA)	30–40 days	Veterans
loanDepot	Mid-market	80%	580 (FHA)	35–45 days	Lower credit
Bank of America	Discounted for members	80%	680	45–60 days	BofA customers
Chase	Competitive (jumbo)	75–80%	680	45–60 days	Jumbo loans
Figure	Variable (HELOC)	95% CLTV	640	5 days	Keep existing rate

Cash-Out Refinance Requirements in 2026

Before applying, verify you meet these standard requirements:

Equity: Most conventional lenders require you to retain at least 20% equity after the cash-out (80% max LTV). On a $400,000 home with $150,000 remaining balance, you have $250,000 in equity. At 80% LTV, the max loan is $320,000 — meaning you can cash out up to $170,000.

Credit score: Minimum 620 for conventional; 580 for FHA. Best rates require 720–760+.

Debt-to-income ratio (DTI): Most lenders cap at 43–50% DTI. Calculate yours: (monthly debt payments ÷ gross monthly income) × 100.

Seasoning: Most lenders require you to have owned the home for at least 6–12 months before a cash-out refinance. Some require 12 months if the home was purchased with an FHA loan.

Income documentation: 2 years of W-2s or tax returns, 30 days of pay stubs, 60 days of bank statements.

Methodology

Rate data from Freddie Mac Primary Mortgage Market Survey and lender-published rate sheets (May 2026). Closing time data from J.D. Power 2025 U.S. Mortgage Origination Satisfaction Study and lender-disclosed averages. LTV limits from published lender guidelines as of May 2026. Lending guidelines change frequently — verify current requirements directly with your lender before applying. Not financial advice.

Frequently Asked Questions

What is the best cash-out refinance rate in 2026?
Cash-out refinance rates run approximately 0.125–0.5% above standard purchase or rate-and-term refinance rates. In May 2026, well-qualified borrowers are seeing 6.4–7.2% on 30-year fixed cash-out refinances. Better Mortgage and credit unions typically offer the lowest rates in this environment.

How much equity do I need for a cash-out refinance?
Most conventional lenders require you to retain 20% equity after the cash-out (80% max LTV). VA loans allow up to 100% LTV for eligible veterans. FHA cash-out is capped at 80% LTV.

Is a cash-out refinance or HELOC better?
If your existing mortgage rate is below 5.5%, a HELOC (like Figure) is often better — you keep your low first mortgage and only borrow what you need at a variable rate. If your existing rate is above 6.5% and you're refinancing anyway, a cash-out refinance may make sense to roll both needs into one loan.

How long does a cash-out refinance take?
Average closing times range from 26 days (Rocket Mortgage) to 60 days (traditional banks). FHA and VA cash-out refinances may take 5–10 days longer due to additional appraisal requirements.

Can I do a cash-out refinance with bad credit?
FHA cash-out refinances are available starting at 580 FICO through lenders like loanDepot. Expect a higher rate — typically 0.5–1.5% above what a 720+ borrower would receive. VA cash-out is available at 580 FICO for eligible veterans through Navy Federal.

What can I use cash-out refinance funds for?
There are no restrictions on use of proceeds. Common uses: home renovation (adds equity, may be tax-deductible interest), debt consolidation, college tuition, investment property down payment. Note: rolling consumer debt into a mortgage converts unsecured debt to secured debt, putting your home at risk.

Are cash-out refinance closing costs tax-deductible?
The interest on the cash-out portion may be tax-deductible if used for home improvement (IRS Publication 936). If used for other purposes, the interest on the cash-out amount generally is not deductible. Consult a tax professional for your specific situation.

What is the maximum cash-out amount?
At 80% LTV, maximum cash-out = (Home value × 0.80) − existing mortgage balance. On a $500,000 home with $200,000 remaining: ($500,000 × 0.80) − $200,000 = $200,000 maximum cash-out.

Written by the RateRoots editorial team. Rate data sourced from Freddie Mac and lender-published rate sheets as of May 2026. Rates change daily. This article is for informational purposes only and does not constitute financial advice. Consult a licensed mortgage professional before making refinancing decisions.