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re: Cash Out Refi or HELOC
Posted on 7/10/20 at 2:32 pm to AUjim
Posted on 7/10/20 at 2:32 pm to AUjim
I'd use the heloc.
Rates arent going to move in 5 years. Most offer interest only. But being a money talk poster, you want to pay the sucker off. Having it isolated on the heloc allows you to do that.
Doing a cash out refinance isnt going to get you the best terms in the marketplace. Even if it is a home improvement mortgage.
Best terms go to rate/term refinance. And best terms are typically under 75% loan to value.
If you really want to get a better mortgage, go ahead and do a rate/term refinance on your first. Either subrogate the heloc or close it and open a new one.
After the refinance, use the heloc for the renovation.
That gets you the best of everything.
Rates arent going to move in 5 years. Most offer interest only. But being a money talk poster, you want to pay the sucker off. Having it isolated on the heloc allows you to do that.
Doing a cash out refinance isnt going to get you the best terms in the marketplace. Even if it is a home improvement mortgage.
Best terms go to rate/term refinance. And best terms are typically under 75% loan to value.
If you really want to get a better mortgage, go ahead and do a rate/term refinance on your first. Either subrogate the heloc or close it and open a new one.
After the refinance, use the heloc for the renovation.
That gets you the best of everything.
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