How much money can I take out on my refi?

Like a lot of things in the mortgage world, that depends on your credit score and other specifics regarding your unique scenario. Most programs allow up to 80% or 90%, though we do have access to a niche program allowing up to 97% of the value of your home. 

Keep in mind that when refinancing, you’ll need to qualify for a new loan in the same way you qualified when you bought your home. If your credit and income situation is as good or better than before, you won’t have a problem. You’ll also have to figure closing costs into the mix.

So how much cash can you take out? That depends on how much equity you have available in your home. As an example, let’s say you qualify for a program that allows up to 90% of the value of your home. So if you owe $350,000, and a new appraisal shows the value of your home to be $500,000, you can finance up to $450,000 on a new loan, taking cash out of $100,000 (less closing costs for the new loan).