Top-tier mortgage lenders offering the finest cash-out refinancing deals in the year 2025
Using the provided base article, here's an adapted version with more conversational tone and integrated insights from the enrichment data:
Top Picks for Cash-Out Refinance Lenders in 2025
Switching to a cash-out refinance can help you slash high-interest debt, fund a home renovation, or bankroll a plethora of other financial goals. Let's dive into the best lenders for cash-out refinancing in 2025.
Top Cash-Out Refinance Lenders
| Lender | Credit Requirements | Our Website Score ||--------|--------------------|-------------------|| Chase | 620 for conventional loans; 680 for jumbo loans; 640 for FHA and VA loans | 4.9 || Bank of America | 620 for conventional loans | 4.8 || Better | 620 for conventional loans, 580 for FHA loans, 620 for VA loans | 4.8 || Navy Federal Credit Union | Undisclosed | 4.8 || PenFed Credit Union | 650 for conventional loans, 700 for jumbo loans, 620 for FHA loans | 4.8 || PNC Bank | 620 for conventional loans, 620 for jumbo loans, 620 for FHA loans, 640 for USDA loans | 4.8 || SoFi | 620 for conventional loans, 600 for FHA loans, 600 for VA loans | 4.8 |
Chase
Chase
Gain more information about Chase.
620 for conventional loans, 680 for jumbo loans, 640 for FHA loans, 640 for VA loans
- Availability: Accessible in 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: Visit branch locations or go online
4.9
Pros:
- Wide availability with 4,700 branch locations
- Existing Chase customers may receive a rate discount
- $5,000 closing guarantee
Bank of America
Cons:
620 for conventional loans
- May not be the best fit for borrowers with unique credit or financial circumstances
- Not all states have branches
4.8
Bank of America
Read more about Bank of America.
Better
- Availability: Present in 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
620 for conventional loans, 580 for FHA loans, 620 for VA loans
Pros:
4.8
- Offers grant programs for low- and moderate-income buyers
- Displays rates online
- Rewards discounts for Preferred Rewards customers
Cons:
Navy Federal Credit Union
- Doesn't provide USDA loans
- Transparency on borrower requirements might be limited
Undisclosed
Better
4.8
Explore the details about Better.
- Availability: Accessible across all U.S. states
- Loans offered: Conventional, FHA, VA, refinancing, and more
- Credit requirements: 580 for FHA loans; 620 for VA and conventional loans
- Where to find: Online platform
PenFed Credit Union
Pros:
650 for conventional loans, 700 for jumbo loans, 620 for FHA loans
- Online platform with real-time rates, three-minute pre-approvals, and hybrid closings
- Offering known as One Day Mortgage approves eligible borrowers within 24 hours
- Price Guarantee matches or beats competing offers
4.8
Cons:
- Branch locations available only in 10 states
- No USDA loans
PNC Bank
Navy Federal Credit Union
620 for conventional loans, 620 for jumbo loans, 620 for FHA loans, 640 for USDA loans
Learn about Navy Federal Credit Union.
4.8
- Availability: All U.S. states
- Loans offered: Conventional, jumbo, VA, refinancing
- Credit requirements: Undisclosed
- Where to find: Branch locations or online
Pros:
SoFi
- Allows up to two rate relocks
- Offers a rate-match guarantee or $1,000 payment
620 for conventional loans, 600 for FHA loans, 600 for VA loans
Cons:
4.8
- Membership is required to borrow
- Doesn't offer FHA or USDA loans
PenFed Credit Union
Gather details on PenFed Credit Union.
- Availability: Present in all U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, refinancing, and more
- Credit requirements: 620 for FHA loans; 650 for conventional loans; 700 for jumbo loans
- Where to find: Branch locations or online
Pros:
- Managing banking and mortgage with one provider offers convenience
- Competitive rates
Cons:
- No USDA loans
- Customizing rates online isn't possible
- Higher minimum credit score requirements
PNC Bank
Check out PNC Bank.
- Availability: Accessible in all U.S. states
- Loans offered: Conventional, jumbo, FHA, VA, USDA, refinancing, and more
- Credit requirements: 620 for FHA, conventional, and jumbo loans; 640 for USDA loans
- Where to find: Branch locations or online
Pros:
- Online and in-person options to apply
- Application progress can be tracked online
- Wide availability with many loan options
Cons:
- Higher credit minimum on FHA loans
- Limited mobile app functionality
- Below-average J.D. Power rating for mortgage servicing
SoFi
Learn about SoFi.
- Availability: All U.S. states except Hawaii (no refinances in New York)
- Loans offered: Conventional, jumbo, FHA, VA, refinancing, and more
- Credit requirements: 600 for VA and FHA loans; 620 for conventional loans
- Where to find: Online platform
Pros:
- Offers a cash-back guarantee if closing takes place on time or an additional $10,000 for any delays
- Option for up to $9,500 rebate if you work with a SoFi partner real estate agent
Cons:
- No branch locations, as everything happens online or via an app
When considering a cash-out mortgage refinance, it's essential to weigh various options, as every lender may have different offerings, rates, and terms. Researching available lenders carefully and comparing their services can help ensure finding the best lender for your specific needs.
Using your home's equity through a cash-out refinance can finance various life events, such as home improvements, funding education, or wrestling control of high-interest debt. Proceeding with caution is vital, since a cash-out refinance changes your mortgage, which may impact your overall finances and debt load. Make sure you fully understand the terms and implications of choosing this financial tool before making any decisions.
When considering multiple ways to leverage your home's equity, pay attention to both cash-out refinancing and a home equity line of credit (HELOC). Each solution offers unique advantages, and determining the most suitable one relies on understanding your goals and preferences. A cash-out refinance might be more appealing if you're looking for a fixed rate and require a large sum upfront. On the other hand, if you want flexibility in borrowing and repaying, a HELOC might be more suitable.
- In the realm of personal-finance, home equity can be a valuable asset to consider for various purposes, such as funding college education or investing.
- When evaluating your financial options, it's worth considering refinancing your mortgage to a cash-out refinance. This strategy can help you access the equity in your home, allowing you to fund a variety of financial goals.
- An average credit score of around 620 might be sufficient to refinance with many lenders, including Chase and Bank of America, opening up opportunities for home equity investments.
- Adept financial management involves not only understanding the benefits of cash-out refinancing but also considering alternative routes to leverage your home's equity, such as a home equity line of credit (HELOC), to make well-informed decisions for your personal-finance journey.
