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Metro Detroit • 31 mortgage lenders profiles
Cash Out Refinance in Metro Detroit
Compare verified mortgage lenders for a cash out refinance on your Metro Detroit home. Request a consultation and compare Loan Estimates before you commit.
5Featured pros
31Mortgage Lenders profiles
6Metro counties
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Rebuild Detroit is not a lender or mortgage broker, does not make credit decisions or quote rates, and information here is general, not financial advice.
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Featured cash out refinance pros
Top Cash Out Refinance Pros in Metro Detroit
Featured spots are paid placements shown first. The Verified badge records dated checks; other listed businesses have not been verified yet. Confirm current licensing, insurance and written scope with each provider.
EG Home Loans
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Ez Loans Co
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Hard Money Global
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Before you hire
Cash Out Refinance in Detroit: what to expect
A cash out refinance in Detroit replaces your current mortgage with a larger one and pays you the difference in cash at closing. Homeowners in Wayne, Oakland and Macomb counties use it for major repairs, a roof or furnace, a renovation, paying off higher-cost debt, or buying out a co-owner.
Because the new loan replaces your first mortgage, your whole balance takes on the new rate and term. That makes a cash out refinance a good fit when the new terms are competitive with your existing loan, and a weaker fit when you already hold a low rate. In that case a HELOC or home equity loan leaves your first mortgage alone.
Expect a new appraisal, full income and credit review, and title work. Older Detroit area homes sometimes need repairs noted by the appraiser before the loan can close. Compare options with Metro Detroit mortgage lenders.
What a good engagement includes
- A review of your current loan, balance, rate and remaining term
- An appraisal to set the current value and available equity
- Income, asset and credit documentation for underwriting
- A Loan Estimate within three business days of your application
- Title search and payoff of the existing mortgage
- A Closing Disclosure at least three business days before closing
- A three business day right to cancel after signing on your primary home
What drives the fee
- Credit score and debt-to-income ratio
- How much equity you keep after the cash out (loan-to-value)
- Loan program: conventional, FHA or VA cash out
- Loan term and fixed or adjustable rate
- Points paid to lower the rate
- Occupancy: primary home, second home or rental
- Appraisal, title and closing charges set by each provider
Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.
Licensing and disclosures in Michigan
Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.
On a refinance of your primary home, federal law gives you three business days after signing to cancel for any reason, in writing. The lender must send a Loan Estimate and a Closing Disclosure you can compare.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Request Loan Estimates from at least three lenders on the same loan amount and term.
- Compare the rate, points, lender charges and cash to close line by line.
- Weigh the new payment and total interest against a HELOC or home equity loan.
- Check each lender and loan officer on NMLS Consumer Access.
- Ask how long the rate lock lasts and what an extension costs.
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Common questions
Cash Out Refinance FAQ
Each program sets a maximum loan-to-value, and lenders can be stricter. A lender will run your numbers after an appraisal.
Credit score, loan-to-value, debt-to-income, loan type, term, points and occupancy all change pricing. Only a lender can quote your rate, so compare written Loan Estimates.
A cash out refinance replaces your first mortgage, while a HELOC is a separate second loan. If your current rate is lower than today's offers, a HELOC or home equity loan often costs less overall.
On your primary home, you generally have three business days after signing to cancel in writing. Ask your lender to confirm the deadline.
Get cash out refinance consultations from local pros
Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.