What is a cash-out refinance in Washington and how much can I take out?

A cash-out refinance replaces your existing mortgage with a new, larger loan and you receive the difference in cash. It's one of the most common ways Washington homeowners access their equity. On conventional loans, you can typically cash out up to 80% of your home's current value. FHA allows up to 80% as well. VA cash-out allows up to 90% and even 100% in some cases for veterans. The cash is yours to use — renovations, debt payoff, investment, tuition, or other needs.