A cash-out refinance can provide funds for anything from paying off credit card debt to home improvements. Conventional cash-out loans allow you to take up to 80 percent of your home’s value. If that’s more than your existing balance, you get to keep the extra cash and avoid PMI. There is also an FHA cash-out refinance. It allows loans up to 80 percent of your home’s value. However, you will still pay FHA mortgage insurance. So it’s best to consider the conventional version first.