Cash-Out Refinance

Use the equity you’ve built to fund what matters — home projects, education, debt consolidation and more — while rolling everything into a single mortgage payment. Bank of Utah will help you compare options and borrow confidently.

A cash-out refinance replaces your existing mortgage with a new one that’s larger, giving you the difference back in cash.

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6 Smart Ways to Use a Cash-Out Refinance

Home Improvements

Upgrade kitchens, baths or energy efficiency — investing in your home’s comfort and value.

Debt Consolidation

Combine high-interest balances into one payment — often at a lower interest rate.

Education Costs

Pay tuition or training expenses with a predictable repayment plan.

Major Purchases

Cover big-ticket needs like a roof, HVAC or accessibility updates with fixed payments.

Emergency Fund

Build a safety cushion for the unexpected — and reduce financial stress.

Life Events

Fund milestones like growing your family — with a plan that fits your budget.

Why Refinance with Bank of Utah?

Work with Local Experts

Our team lives and lends in Utah. We’ll guide you from application to closing — clearly and quickly.

Apply Online, Anytime

Start on your schedule. Our secure portal keeps everything organized and moving.

Get Fast, Local Decisions

We make decisions here in Utah, so you’re not waiting on out-of-state approvals.

Cash-Out Refinance vs. HELOC

Both use your home equity — but they work differently. Here’s a quick comparison to help you choose.

Option	Best For	How It Works	Rate Type & Payment
Cash-Out Refinance	Large, one-time needs and simplicity	Replaces your mortgage with a bigger one and gives you the difference in cash	Often fixed rate; one monthly mortgage payment
HELOC	Flexible, ongoing access to funds	A revolving line of credit you can draw from as needed (separate from your mortgage)	Usually variable rate; payment changes with use and rates

Not sure which one fits your goals? Local, Utah-based experts will help you compare payments, total costs and flexibility — side by side.

Just Want to Lower Your Rate or Term?

If you don’t need cash and want to reduce your payment or pay off sooner, a rate-and-term refinance may be a better fit.

Explore how lowering your rate or shortening your term could save you money.

See Rate & Term Options

Cash-Out Refinance FAQs

+ How much can I borrow with a cash-out refinance?

Many homeowners can borrow up to about 80% of their home’s value, minus what they owe, while keeping at least 20% equity. Your loan officer will calculate this for you based on your property and loan program.

+ Will my interest rate change with a cash-out refinance?

Cash-out loans can price differently than rate-and-term refinances. We’ll compare current options and show your estimated payment and total cost over time so you can weigh the trade-offs.

+ Are there closing costs?

Yes. Like any refinance, you’ll see fees for appraisal, title and processing. Typical ranges are 2%–5% of the loan amount. In some cases, you may be able to roll certain costs into your new loan instead of paying them upfront.

+ Will I need an appraisal?

Often, yes. Lenders use your home’s current value to determine available equity and eligibility. We’ll outline what to expect based on your loan type, property and overall profile.

+ Is a HELOC better than a cash-out refinance?

It depends on how you plan to use the funds. If you want flexible access to money over time, a HELOC might fit. If you prefer a lump sum, a fixed rate and one mortgage payment, cash-out is often simpler. Your loan officer can help you compare both options side by side.

Talk With Us About Using Your Home’s Equity

Whether you’re planning a project, consolidating debt or setting aside a safety cushion, we’ll help you review numbers, timing and loan options so you can move forward with confidence.