Cash-In Refinance
Bring money to closing to lower your balance, drop PMI, or hit a better rate tier.
How it works
A cash-in refinance is the opposite of cash-out: you bring money to closing to pay down your balance. Doing so can drop you below 80% LTV to eliminate PMI, qualify you for a better rate, or shorten your term. It's a strategy for borrowers with extra cash who want lower long-term costs.
Key things to know
- Weigh the new rate and term against your current loan — a refinance resets the clock.
- Budget 2-5% of the balance in closing costs (or roll them in for a higher rate).
- Find your break-even: costs divided by monthly savings.
- Cash-out is capped at 80% LTV conventional/FHA; VA cash-out can reach 100%.
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Frequently Asked Questions
- What is the cash-in refinance?
- A cash-in refinance is the opposite of cash-out: you bring money to closing to pay down your balance. Doing so can drop you below 80% LTV to eliminate PMI, qualify you for a better rate, or shorten your term. It's a strategy for borrowers with extra cash who want lower long-term costs.
- What does it cost?
- Most refinances run 2-5% of the loan in closing costs. A no-closing-cost version trades those fees for a slightly higher rate.