Cash-Out Refinance in Michigan
Are you a homeowner in Michigan looking to leverage the equity in your home for cash? A cash-out refinance could be the perfect solution. Whether you’re looking to pay off debt, fund a home improvement project, or invest in something important, we are here to help you make informed financial decisions.
Get access to cash from your equity. Licensed in 39 states from our Troy headquarters. Rated 4.9 across 5,200+ Google reviews.
A $300,000 Michigan home, as an example
What you still owe
$180,000
You could take out
$60,000
Stays yours by rule
$60,000
Most conventional and FHA cash-out programs on a primary home stop at 80 percent of the value, so a fifth of your home stays as equity; the exact cap depends on the program, property and occupancy. VA cash-out can go higher for eligible veterans, subject to VA and lender rules.
2019
Founded in Troy, Michigan
300+
Licensed loan officers on the team
4.9
Average of 5,200+ Google reviews
39
States licensed, headquartered here
What is a Cash-Out Refinance?
A cash-out refinance allows you to refinance your existing mortgage for more than you owe and take the difference in cash. Unlike a traditional refinance, where you simply replace your current mortgage, a cash-out refinance provides extra funds by tapping into your home’s equity. This makes it a popular option for homeowners in Michigan seeking immediate access to cash.
Your equity, working for you.
Equity
TAP INTO YOUR HOME’S EQUITY
You have money invested into your home.
Let that money go to work for you or put into your pocket.
It’s YOUR money.
Debt
DITCH HIGH INTEREST LOANS
Don’t get stuck into variable interest debt.
Use your existing equity to pay off high interest debt.
Call MortgagePros today!
Benefits of a Cash-Out Refinance
01
Access to funds
Get cash for major expenses like home renovations, paying off high-interest debts, or investing in new opportunities.
02
Potential lower interest rates
Depending on market conditions, you may be able to secure a lower interest rate, saving money over the life of your loan.
03
Tax advantages
In some cases, the interest on your new mortgage may be tax-deductible, especially if the money is used for home improvements.
04
Simplified monthly payments
Consolidate high-interest debts into one manageable payment by rolling them into your new mortgage.
Traverse City and Northern Michigan
Second homes and lake places qualify for cash-out too, on their own rules. Ask your pro.
How Does a Cash-Out Refinance Work?
Four stages, one licensed pro, and you always know what happens next.
1
Determine eligibility
First, check if you have enough equity in your home to qualify. Typically, lenders require you to retain at least 20% equity after the refinance.
2
Appraisal
The lender will arrange a home appraisal to determine your home’s current market value.
3
Loan approval
After the appraisal, the lender will approve your new mortgage amount, which is higher than your existing loan.
4
Closing
Once the new loan is closed, you will receive the difference between your new mortgage and the amount you owe on your old loan in cash.
How much could you take out?
Enter what your Michigan home is worth and what you still owe, then pick the loan type. The result is the cash you could receive at closing after costs, and what the new payment would look like.
Michigan homeowners have gained equity. A cash-out refinance turns some of it into cash.
Values across the state have climbed for a decade, so many owners are sitting on more equity than they realize. A cash-out refinance converts part of it at a mortgage rate, not a card rate.
Your pro models the new payment beside the old one and the debts you would clear, so you can see the whole picture before deciding how much to take.
Is a Cash-Out Refinance Right for You?
Deciding if a cash-out refinance is right for you depends on your financial situation and goals. If you need cash for large expenses and have built up equity in your home, this can be a viable option. However, it’s important to consider how this decision will affect your long-term finances, including any potential changes in monthly mortgage payments and interest costs.
Contact Us for a Free Consultation
Ready to explore your cash-out refinance options? Contact us at MTGPros today. Our team of mortgage professionals in Michigan is ready to guide you through the refinancing process and help you decide whether it fits your financial future.
Four things that are different about buying in Michigan.
They shape every cash-out refinance we close in the state, and the first one catches buyers from elsewhere off guard.
01
Your property tax bill resets when you buy
Michigan caps how fast a home’s taxable value can rise each year, and that cap comes off when ownership transfers. The seller’s bill reflects their capped value; yours will be based on the current state equalized value, which can be materially higher. Budget from the SEV, not the seller’s bill, and file the Principal Residence Exemption, which removes up to 18 mills of school operating tax on the home you live in.
02
Transfer tax is the seller’s cost by default
Michigan charges $3.75 per $500 of price to the state and $0.55 per $500 to the county, and the seller pays unless the purchase agreement says otherwise. Buyers pay recording fees and title charges instead, which are far smaller.
03
Loan limits are simple here
Every Michigan county uses the national baseline: $832,750 for a conforming loan and $541,287 for an FHA loan on a one-unit home in 2026. There are no high-cost counties in the state, so the limit is the same in Troy, Detroit, Lansing and Ann Arbor.
Michigan Counties We Serve
MTGPros provides cash-out refinance services throughout Michigan, including:
Metro Detroit Area
Wayne County – Detroit, Dearborn, Livonia, Westland
Oakland County – Troy, Bloomfield Hills, Birmingham, Royal Oak
Macomb County – Sterling Heights, Clinton Township, Warren
Washtenaw County – Ann Arbor, Ypsilanti
West Michigan
Kent County – Grand Rapids, East Grand Rapids, Wyoming
Ottawa County – Holland, Grand Haven, Zeeland
Muskegon County – Muskegon, Muskegon Heights
Allegan County
Mid-Michigan
Ingham County – Lansing, East Lansing
Eaton County
Clinton County
Genesee County – Flint
Northern Michigan
Grand Traverse County – Traverse City
Leelanau County
Emmet County – Petoskey
Charlevoix County
Licensed in all 83 Michigan counties and headquartered in Troy. Local pages for Detroit, Ann Arbor, Lansing and the Michigan hub.
Cash-out in Michigan, answered.
The questions Michigan homeowners ask us most before they borrow against their equity.
How much cash can I take out of my Michigan home?
Take your home value, multiply by the maximum loan-to-value for your program (usually 80 percent, or 90 percent on VA), then subtract what you still owe and the closing costs. The calculator above does this for your numbers. Because every Michigan county sits at the same conforming limit, a cash-out loan above $832,750 in 2026 would be a jumbo loan with its own rules.
Will a cash-out refinance change my property taxes?
No. Michigan resets a home’s taxable value when ownership transfers, not when it is refinanced, so your capped taxable value and your Principal Residence Exemption stay exactly as they are.
Is there transfer tax on a refinance?
No. Michigan’s state and county transfer taxes apply when a deed changes hands. A refinance records a new mortgage, which carries recording fees but no transfer tax, and that is one reason refinance closing costs run below purchase costs here.
How long do I need to have owned the home?
Conventional cash-out generally requires 6 to 12 months of ownership. FHA usually wants twelve months of on-time payments, and VA typically six months and six payments. Inherited property has its own rules, which your pro will check.
Do I have to come to your Troy office?
No. Almost every Michigan client works with us by phone, email and e-signature. Nearly every cash-out loan needs an appraisal, which we order early, and the closing is arranged at a title company near you or with a mobile notary. When the home is your principal residence, federal law gives you a three-business-day cancellation period, counted from closing and delivery of the required notices, before the funds are released.
Get your Michigan cash-out quote.
Tell us what your home is worth and what you owe. A licensed pro will call with the cash available and the real cost, usually the same business day. Asking does not start a loan or require a hard credit pull.
Prefer to talk?
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Open 24/7. Ask for your pro by name.
Visit our office
880 W. Long Lake Rd, Suite 300
Troy, Michigan 48098, just off I-75. Free parking.
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