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Refinance options
Posted on 6/2/14 at 4:50 pm
Posted on 6/2/14 at 4:50 pm
I'll try to summarize...
I bought a house with cash (big incentive for seller). I'd like to refinance the house to free up my cash.
What is the most efficient way to do this? Any type of specific programs?
Will I get a lower interest rate refinancing? Closing costs similar?
Might be a dumb question, but this is a first for me.
Any suggestions would be much appreciated.
I bought a house with cash (big incentive for seller). I'd like to refinance the house to free up my cash.
What is the most efficient way to do this? Any type of specific programs?
Will I get a lower interest rate refinancing? Closing costs similar?
Might be a dumb question, but this is a first for me.
Any suggestions would be much appreciated.
4
Posted on 6/2/14 at 7:00 pm to blueboxer1119
You need to be aware that there are restrictions on the amount of cash that you can take out in a lump s um. This will also affect your rate.
Posted on 6/2/14 at 8:35 pm to blueboxer1119
Ask a mortgage lender, they know exactly what the terms are and it's free to ask. Just walk in the door, it's their job to help answer questions of this sort.
Be aware that cash out refi's generally cost a little bit extra, often 1/4 percent.
Lastly, next time when you pay in cash and plan to refi later, it's a good idea to do this research ahead of time so you'll know your options before you buy.
Be aware that cash out refi's generally cost a little bit extra, often 1/4 percent.
Lastly, next time when you pay in cash and plan to refi later, it's a good idea to do this research ahead of time so you'll know your options before you buy.
Posted on 6/3/14 at 3:31 pm to blueboxer1119
max loan to value on a cash out refinance is 85%.
thru the conventional or FHA program. go conventional if you can, you'll take a small hit on the conventional rate because it is a cash out refi vs a rate term refi.
closing cost get rolled into the loan
thru the conventional or FHA program. go conventional if you can, you'll take a small hit on the conventional rate because it is a cash out refi vs a rate term refi.
closing cost get rolled into the loan
Posted on 6/3/14 at 3:45 pm to blueboxer1119
you might want to consider a HELOC there are not closing cost and the rates are good. i would'nt advise it for lump sums over 60k. whats your current rate on your mortgage?
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