Cash-Out Refinance in Michigan, Florida & California
Explore the possibilities in your home equity.
Explore replacing your mortgage with a new loan that may provide cash from available equity.
Explore My Cash-Out Options →Tell us about your home, current mortgage and plans for the funds.
A new mortgage that can put equity to work.
A cash-out refinance replaces your existing mortgage with a larger loan. After paying off existing liens and covering closing costs and other required amounts, eligible remaining funds can be paid to you.
The new rate and repayment terms apply to the full mortgage balance—not just the cash you receive. We’ll compare the new payment and total costs with your current loan and other ways to access equity.
How much cash could you actually receive?
Your total equity is not the amount you can withdraw. Start with the proposed new loan, then subtract mortgage and other lien payoffs, transaction deductions and any other required amounts.
| Planning item | Amount |
|---|---|
| Assumed home value | $400,000 |
| Total equity before refinancing | $160,000 |
| New loan at an illustrative 80% LTV cap | $320,000 |
| Existing mortgage payoff | −$240,000 |
| Other lien payoffs | $0 |
| Assumed transaction deductions, including applicable costs and prepaids | −$8,000 |
| Illustrative cash received | $72,000 |
| Equity remaining before future value changes | $80,000 |
Example only: 80% is an assumed cap for this scenario, not every program. The $8,000 is an invented planning amount, not a PMF quote. Actual appraisal, costs, payoffs, program limits and underwriting change the result. Here the new loan stays $320,000 and the $8,000 is deducted once from proceeds. Any financed insurance or funding fee must also be accounted for under the selected program’s limits, without counting it twice.
If the appraisal is lower: at $375,000, the same illustrative 80% cap gives a $300,000 new loan. After the same $240,000 payoff and $8,000 deductions, cash received would be $52,000. A $25,000 valuation difference reduces available cash by $20,000 in this example. This is not an approval or commitment to lend.
Put your equity plans in context.
A cash-out refinance replaces your existing mortgage with a new loan and may let you receive funds from available equity. Review the new balance, rate, costs, and repayment period before deciding whether it fits.
Start a conversation if you want to:
- Explore funds for eligible improvements or other permitted goals.
- Compare the costs of cash-out financing with a separate home-equity loan.
- Understand how a larger mortgage affects your payment and total costs.
- Understand eligible conventional or government-backed refinance paths.
Cash-Out Refinance Highlights
- Loan amount
- Depends on the selected program, property value and applicable limits. The total new mortgage includes lien payoffs and eligible costs; it is not the amount of cash you receive.
- Credit score
- Requirements vary by program, loan amount and equity. Conventional options require automated underwriting approval and applicable credit requirements. Other programs have separate rules.
- Down payment / equity
- Selected conventional and FHA primary-home options allow up to 80% loan-to-value. Selected VA options allow up to 100%, including any financed funding fee; other VA options have lower limits. Your available cash depends on the full scenario.
- Occupancy
- Primary residence, second home / vacation home, or investment / rental property, subject to program and transaction requirements.
- Property types
- Eligible single-family homes, 2–4 unit properties and qualifying condos. Manufactured homes and other property types have program-specific requirements.
- Loan purposes
- Refinance an existing mortgage and access eligible equity. Paying off a second lien may also fall under cash-out rules.
- Rate structure
- Fixed-rate and selected ARM options, depending on the cash-out program.
- Interest-only
- Available only where the selected lender and cash-out product specifically permit it; not every interest-only program allows cash-out.
- Amortization / repayment
- Selected conventional fixed-rate terms include 10, 15, 20, 25 and 30 years. Selected Jumbo and alternative-documentation programs offer 30- and 40-year structures. Available terms depend on the cash-out program.
- LLC closing
- Not available on conventional loans. Selected business-purpose investment options may allow an LLC, subject to program requirements.
- Mortgage insurance / reserves
- Mortgage insurance, funding fees and reserve requirements depend on the program. FHA cash-out includes mortgage insurance; VA has no monthly mortgage insurance but may require a funding fee.
- Available states
- Michigan, Florida and California, subject to program and property eligibility.
Highlights describe separate programs and may not be available together. Cash received is reduced by existing lien payoffs, closing costs, financed fees, and any other required charges. ARM payments may change; interest-only payments do not reduce principal and rise when amortization begins. Refinancing may increase total finance charges. Your home secures the new debt.
Cash-out refinance, HELOC or Home Equity Loan?
| Consideration | Cash-out refinance | HELOC | Home Equity Loan |
|---|---|---|---|
| Existing mortgage | Replaces it with a new mortgage. | A second-lien option can leave your first mortgage in place. | A second-lien option can leave your first mortgage in place. |
| Access to funds | Eligible cash is disbursed after payoffs, costs and any required waiting period. | Draw from a line of credit under its terms. | Receive a lump sum at closing. |
| Payments | Based on the full new mortgage and chosen repayment structure. | Depend on the amount borrowed, rate and draw or repayment period. | Typically scheduled payments over a set repayment term. |
| What to compare | New rate on the full balance, closing costs and total repayment. | Variable-rate risk, draw rules and later repayment changes. | Rate, payment, closing costs and total repayment. |
Home equity products can also be first liens. The second-lien comparison above assumes you keep an existing first mortgage.
What would you like your equity to help accomplish?
Improve your home
Explore funds for renovations, repairs or other eligible improvements.
Consolidate debt
Compare payments and total repayment costs. Moving other debt into a mortgage secures that debt with your home and may extend repayment.
Plan a major expense
Review financing for other permitted goals. Business-purpose loans require an eligible business use of funds.
Compare the full cost, not just the rate.
- Approximate home value and desired cash amount.
- Current mortgage statement, rate, remaining term and payment components.
- Closing costs, financed fees, and expected time in the loan.
- Property occupancy, other liens and plans for the funds.
- Purchase, title-ownership and most recent refinance dates.
- Income, credit, and program-specific refinance requirements.
Available States
Explore refinance options through PMF in California, Florida, and Michigan.
Eligibility varies by lender, transaction, property, and loan program.
Cash-Out Refinance FAQs
What is a cash-out refinance?
It replaces your existing mortgage with a new loan and may provide cash from available equity after lien payoffs, closing costs, and other required amounts. Your new rate, balance, term, and payment may differ from the existing loan.
How much cash can I receive?
It depends on your home value, existing liens, program limits and closing costs. The new loan amount is not the cash you take home. Reach out for a scenario review.
How much equity do I need?
Requirements vary by occupancy, property, and program. Selected conventional and FHA one-unit primary cash-out options allow up to 80% loan-to-value.
Can I use a VA loan for cash out?
Eligible borrowers may qualify, including when replacing a non-VA mortgage. Selected options allow up to 100% loan-to-value including a financed funding fee; lower limits may apply. We’ll review eligibility and the amount available.
Can I take cash out through FHA Streamline, VA IRRRL, or USDA refinancing?
No. FHA Streamline, VA IRRRL and USDA refinance options are not cash-out programs. Ask us about a separate cash-out option.
Can I refinance a second home or investment property?
Yes, selected programs allow it, with different equity and qualification requirements. Business-purpose options also restrict how the funds may be used. Contact us to review the property and your plans.
Can I use the money for home improvements or debt consolidation?
Yes, on eligible consumer-purpose options. Business-purpose loans require an eligible business use. Debt consolidation secures the debt with your home and may extend repayment; let’s compare costs.
Can I pay off a HELOC or second mortgage?
Selected programs permit existing liens to be paid off, but their age, purpose, and draw history affect classification and eligibility. Provide the current statements and supporting history so the loan officer can evaluate the transaction.
How soon after buying or refinancing can I take cash out?
Mortgage age, time on title, occupancy and payment history are separate considerations. For the Fannie Mae conventional path, an existing first mortgage being paid off generally must be at least 12 months old, and at least one borrower generally needs six months on title. Documented exceptions apply. These are not universal rules for FHA, VA or other programs. Share your purchase and refinance dates so we can verify the selected program’s requirements.
Will I need an appraisal?
An appraisal or other acceptable valuation may be required depending on the program and underwriting findings. Some lender products require additional valuation review.
Can closing costs be financed?
Eligible costs may be financed when the program and property value permit, but this increases the balance and may reduce cash received. Financed costs can also increase total interest over time.
Can I take cash out and keep my current mortgage rate?
A cash-out refinance replaces your existing mortgage, so the new rate and terms apply to the full new loan. A second-lien HELOC or Home Equity Loan may let you keep your first mortgage. Compare the same amount of usable cash, fees, payments, expected time in the loans, remaining balances and total cost. A longer repayment period may lower the payment while increasing total interest.
See our HELOC vs. Cash-Out Refinance guide and worked comparisons →
Should I refinance or use a separate home-equity loan?
Compare the cost of replacing your full mortgage with the cost of a separate loan or credit line. Your existing rate and plans matter. We can help compare the options.
What happens after I submit my scenario?
A licensed PMF loan officer will review your scenario and discuss possible options. An inquiry is not approval.
Let’s review your cash-out options.
Tell us about your property and what you want the funds to accomplish.
Explore My Cash-Out Options →Program availability and terms depend on your complete scenario and underwriting. This is not a commitment to lend. An inquiry is not an approval.