Tapping into your home’s equity can be a smart move, whether it’s to lower high-interest debt, fund a home renovation, pay for college tuition or make progress toward another financial goal. One way you can accomplish this is through a cash-out refinance, in which you refinance your mortgage for more than what you owe and take the difference out in cash. Many mortgage lenders offer cash-out refinancing, and Bankrate evaluated several to determine the best ones to consider. Here are our picks for the best cash-out refinance lenders in 2023.

Bankrate’s picks for best cash-out refinance lenders

• 
  

  How we chose the best cash-out refinance lenders

   

   

Garden State Home Loans

Sage Mortgage

LowRates.com

ZeroMortgage

Blue Spot Home Loans

How to choose the best cash-out refinance lender for you

Every lender’s menu of refi options is a little different. You’ll want to choose one that’s active in your geographic area and offers the type of loan program that you’re interested in. Because cash-out refinance loans pose a bit more risk to the lender than a traditional rate-and-term refinancing, underwriting standards can be stricter. So check to see if your credit score and hoped-for loan-to-value ratio fit the lender’s guidelines. As you weigh your options, you also should weigh the pros and cons of cash-out refinancing in general.

Next steps for a cash-out refinance

Ready to start shopping around? Because rates run higher for cash-out refinances than for rate-and-term refis, comparing lender offers and deals is crucial. Looking at multiple offers can save you thousands of dollars. To make sure you understand how your credit score and other factors affect your rate, see our guide to getting the best cash-out refinance rate.