![]() ![]() If your credit is not good enough to qualify for a cash-out refinance right now, focus on paying down your debt and making on-time payments to boost your score. For instance, Rocket Mortgage says it will approve VA cash-out refinances for those with credit scores as low as 580 if they’re leaving at least 10% equity in their property. It’ll depend on the lender, but most require a credit score of at least 620 for a cash-out refinance. Can You Get a Cash-Out Refinance With Bad Credit? And if you think housing values in your area might fall, that is another reason to reconsider a cash-out refinance. Extending your term also means paying more in interest over the life of the loan, even if you managed to score a lower interest rate. If you struggle to make payments already, adding to your mortgage could prove to be too much of a burden. Not only do cash-out refinances come with lower interest rates compared to other financing options-such as personal loans and credit cards-repayment can be spread out over a longer period, reducing the monthly payment amount.
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