Best cash-out refinance lenders of 2026

Written by

Jeff Ostrowski

and

Taylor Freitas,

Edited by

Katie Lowery

Published on February 26, 2026 | 2 min read

Bankrate is always editorially independent. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . Our is to ensure everything we publish is objective, accurate and trustworthy.

A cash-out refinance can help you reduce higher-interest debt, fund a home renovation, pay for college or make progress toward any other financial goal. Here are our picks for the best cash-out refinance lenders in 2026.

Best cash-out refinance lenders

Lender	Credit requirements	Bankrate Score
FourLeaf Federal Credit Union	580 for conventional loans; 500 for FHA loans	4.9
Chase	620 for conventional loans; 680 for jumbo loans; 640 for FHA loans; 640 for VA loans	4.9
Sage Home Loans	620 for conventional loans; 580 for FHA loans	4.9
Wells Fargo	620 for conventional loans	4.9
Alliant Credit Union	620 for conventional loans	4.8
Bank of America	620 for conventional loans	4.7
Bison State Bank	620 for conventional loans; 580 for FHA loans; 580 for VA loans	4.7
American Federal Mortgage	620 for conventional loans; 660 for jumbo loans; 580 for FHA loans	4.6
Watermark Home Loans	620 for conventional loans; 680 for jumbo loans; 580 for FHA loans; 580 for VA loans; 620 for USDA loans	4.6
Citibank	620 for conventional loans; 680 for jumbo loans; 620 for FHA loans; 620 for VA loans	4.5
U.S. Bank	620 for conventional loans; 640 for most FHA loans; 740 for most jumbo loans (will approve some borrowers with a score as low as 660)	4.5

FourLeaf Federal Credit Union

4.9

Learn more in our Bankrate review

FourLeaf Federal Credit Union offers the benefits of a local credit union (like competitive interest rates), but it originates mortgages in almost every state. It allows borrowers to lock their rate for free for 60 days.
- Availability: Available in all U.S. states except Texas
- Loans offered: Conventional, FHA, VA, jumbo, refinancing and more
- Credit requirements: 580 for conventional loans, 500 for FHA loans
- Where to find: Branch locations or online
Pros

Displays daily rates online

Rates tend to be lower than the national average

Offers HELOCs
Cons

Must be a member to get a mortgage (though this can be done by opening a $5 savings account)

Doesn’t offer USDA loans

Not available in Texas

Chase

4.9

Learn more in our Bankrate review

Chase earned points for its wide lending footprint and competitive rates. It also has a wealth of online resources to help borrowers through the process, including a home value estimator and a repayment calculator.
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, refinancing and more
- Credit requirements: 620 for conventional loans; 640 for VA and FHA loans; 680 for jumbo loans
- Where to find: Branch locations and online
Pros

Available to borrowers in all states, with 4,700 branch locations

Existing Chase customers might receive rate discount

$5,000 closing guarantee
Cons

Bank might not be a fit for borrowers with unique credit or financial circumstances

Branches not located in all states

sage home loans

Sage Home Loans

4.9

Learn more in our Bankrate review

As an online lender, Sage offers faster closing timelines than traditional lenders. Through its website, borrowers can view sample interest rates and prequalify for a loan in just three minutes.
- Availability: All U.S. states except New York
- Loans offered: Conventional, jumbo, FHA, VA, refinancing
- Credit requirements: 620 for conventional loans; 580 for FHA loans
- Where to find: Online
Pros

Dedicated loan officer works with borrowers throughout the process

Offers verified approvals

Most mortgage refinances close within 28 days
Cons

No branch locations

Not available in New York

Wells Fargo

Wells Fargo

4.9

Learn more in our Bankrate review

This lender earned a spot on this list for its below-average rates and easy preapproval process. Wells Fargo also lets borrowers request personalized rates online after providing their contact information and basic details about their home.
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, refinancing and more
- Credit requirements: 620 for conventional loans
- Where to find: Branch locations and online
Pros

Displays mortgage rates online

Massive branch network

Considers nontraditional forms of credit

Offers low-down payment options
Cons

Below-average customer satisfaction scores

Negative past customer reviews

Alliant Credit Union

4.8

Learn more in our Bankrate review

Alliant’s 90-day rate lock for refinance loans is more generous than what most of its competitors provide. Plus, the lender doesn’t charge an application fee and lets borrowers view rates based on their credit score, home value and loan amount.
- Availability: All U.S. states except Maryland
- Loans offered: Conventional, jumbo, FHA, VA, USDA, refinancing and more
- Credit requirements: 620 for conventional loans
- Where to find: Online
Pros

Easy-to-use website with breakdown of customized rates

Low- and no-down payment options, plus a no-PMI product

Up to $9,500 back through the Alliant Home Rewards program

Rate locks up to 90 days for refinancing
Cons

Doesn’t disclose minimum borrower requirements online

You must become a member of the credit union to get a mortgage

Not available in Maryland

Bank of America

Bank of America

4.7

Learn more in our Bankrate review

Bank of America’s website makes it easy for borrowers across the country to explore cash-out refinance options, starting with a tool that lets you estimate your home’s value. It also provides sample mortgage rates for different refinance loans.
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, refinancing and more
- Credit requirements: 620 for conventional loans
- Where to find: Branch locations or online
Pros

Offers grant programs to help low- and moderate-income buyers

Displays rates online

Awards discounts for Preferred Rewards customers
Cons

USDA loans not available

Limited transparency around borrower requirements

Bison State Bank

4.7

Learn more in our Bankrate review

Bison State Bank scored well for its broad geographic footprint and easy-to-use online rate tool. It also earned points for its competitive rates and lack of origination fees.
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA, refinancing and more
- Credit requirements: 620 for conventional loans, 580 for FHA loans, 580 for VA loans
- Where to find: Branch locations or online
Pros

Customized online quote tool

No origination or hidden fees

Available nationwide
Cons

Not as many customer service contact options as other lenders

American Federal Mortgage

4.6

Learn more in our Bankrate review

American Federal Mortgage landed a spot on our list for its lower-than-average interest rates and online closing capabilities. According to the lender, borrowers can sign most closing documents electronically, so they can finish the in-person closing process in 10 minutes or less.
- Availability: Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee and Texas
- Loans offered: Conventional, jumbo, FHA, VA, refinancing
- Credit requirements: 620 for conventional loans, 660 for jumbo loans, 580 for FHA loans
- Where to find: Branch location or online
Pros

Online application and closing process

Below-average interest rates
Cons

Doesn't offer USDA loans

Only available in 14 states

Watermark Home Loans

4.6

Learn more in our Bankrate reviews

Watermark earned points for its Rate Watch feature, which sends borrowers an email notification when rates drop below their current rate. Its reported APRs were also lower than Bankrate’s national averages.
- Availability: All U.S. states except Alaska, Missouri, New York, Rhode Island and Vermont, plus Washington, D.C.
- Loans offered: Conventional, jumbo, FHA, VA, USDA, refinancing and more
- Credit requirements: 620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans, 620 for USDA loans
- Where to find: Online
Pros

Free rate watch notifications

Numerous government-backed and non-QM loan options

Offers e-closings and remote notarizations
Cons

Very minimal website, especially for an online-only lender

No customized rate information available online

Not available in AK, MO, NY, RI or VT

Citibank

4.5

Learn more in our Bankrate review

Citibank operates in all 50 states, so borrowers around the U.S. can take advantage of its cash-out refinances. It also offers lower interest rates or closing cost credits for eligible Citibank customers.
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, refinancing and more
- Credit requirements: 620 for conventional loans, 680 for jumbo loans, 620 for FHA loans, 620 for VA loans
- Where to find: Branch locations or online
Pros

Low-down payment loan options

New and existing account holders eligible for discounts

Offers closing costs savings
Cons

Branch locations only in some states

No USDA loans

Customer satisfaction ratings are a mixed bag

U.S. Bank

4.5

Learn more in our Bankrate review

U.S. Bank scored well for its variety of refinance loans, including fixed-rate, adjustable-rate, and FHA cash-out refinances. Plus, it issues loans in every state and has more than 2,000 branches, making it a good option for borrowers throughout the country.
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, refinancing and more
- Credit requirements: 620 for conventional loans, 640 for most FHA loans, 740 for most jumbo loans (will approve some borrowers with a score as low as 660)
- Where to find: Branch locations or online
Pros

Provides lender credit worth up to $1,000 for qualifying banking customers

Displays rates online

Offers assistance programs for eligible low-income buyers
Cons

Credit score requirements are higher than some competitors’

No USDA loans

How does cash-out refinancing work?

Cash-out mortgage refinancing is an option for homeowners who have built significant equity in their homes to replace high-interest debt, make home improvements or front another large expense. It works by replacing your current mortgage with a new, larger loan that includes the money you took out from your home equity. With your new loan, you’ll get a new interest rate.

Keep in mind: Most lenders require a homeowner to retain 20% equity in their home when doing a cash-out refinance.

Pros and cons of cash-out refinancing

Green circle with a checkmark inside

Pros

Access to a large sum to put toward other financial goals
Might get you a lower interest rate than current loan if rates have dipped
Potential to improve credit if using funds to consolidate high-interest debt
Lower borrowing costs compared to a personal loan or credit card if you get a lower interest rate

Red circle with an X inside

Cons

Need to pay closing costs
Loss of existing equity in the property at closing, increasing overall debt load
Foreclosure risk if you can’t repay the new loan amount
Potential for a higher interest rate than your current mortgage if rates have increased

Frequently asked questions

To be eligible for a cash-out refinance, you typically need to:
- Have a minimum credit score of 620
- Have a debt-to-income (DTI) ratio below 50%
- Maintain a minimum 20% equity in your home following the cash-out (depending on loan type)
How much you can cash out on your home varies, and most lenders require that you maintain at least 20% equity after the refinance. For example, let’s say your home is currently valued at $400,000, and you have $240,000 left to pay on your mortgage. With that much equity ($160,000, or 40%), you might be able to refinance your loan to a new one with a higher balance and take cash out, so long as you retain at least 20% equity when all is said and done.
A cash-out refinance isn’t the only way to tap your home’s equity; you can also pursue a home equity line of credit (HELOC).

A HELOC isn’t a refinance at all — your first mortgage remains intact — but is more akin to a big credit card, establishing a revolving source of funds that you can tap, repay and then borrow again. It’s an additional debt, on which you pay interest at a variable rate.

The advantages of a HELOC are that you’re only responsible for paying what you use, you can access the funds at any time and you won’t incur interest on untapped funds. However, HELOCs come with variable interest rates, which means they can change, and they could be higher than what you’d get with a traditional cash-out refinance. See Bankrate’s home equity loan or HELOC vs cash-out mortgage refinance page.

To identify the best lenders for cash-out refinances, Bankrate analyzed Home Mortgage Disclosure Act (HMDA) data to determine the amount of lenders’ refinance mortgage volume that was made up of conventional cash-out refinances in 2024, the most recent year for which data is available. At least 90% of a lender’s refinances must have been conventional cash-out refinances for consideration. Lenders must report to HMDA directly, not through a parent company, to qualify for inclusion.

We then considered each lender’s Bankrate score. Bankrate surveyed 75 lenders nationwide and scored each based on its self-reported data and research by Bankrate staff. We assigned scores based on a lender’s affordability, availability and borrower experience, giving equal weight to each category. Lenders that received a Bankrate Score of 4.5 out of 5 or higher appear on this page.

To receive a top score from Bankrate, lenders must offer mortgage rates lower than Bankrate’s tracked averages, and they generally also offer low-down-payment loan options and assistance for first-time homebuyers. In addition, lenders are usually licensed in more than 30 U.S. states, offer conventional and government-backed loans and typically provide at least one product for borrowers with credit scores of 620 or lower. Finally, our top-scoring lenders tend to make it easy for borrowers to compare rates and manage much of the loan process online, and they offer multiple options for customer support and generous rate-lock periods. Bankrate’s evaluations are independent and are not influenced by lender partnerships or advertising relationships. Read more about how Bankrate scores are determined here.

Some lenders may appear as honorable mentions, despite earning a Bankrate score of 4.5 or higher, due to eligibility restrictions or limited availability (15 or fewer states).

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Written by

Writer and Housing Market Analyst

Read more from Jeff

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.

Co-written by

Contributor, Personal Finance

Get in contact with Taylor Freitas via Email

Read more from Taylor

Taylor Freitas is a freelance writer with extensive experience writing about real estate, mortgages and personal finance topics, and has contributed to publications including Bankrate, LA Weekly, CNET and ZDNet.

Images by Getty Images; Illustration by Hunter Newton/Bankrate

Bankrate is always editorially independent. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . Our is to ensure everything we publish is objective, accurate and trustworthy.

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