cash out refinance

This should not be a problem as long as your credit scores are above 620

Hi taylorrt!

Welcome to forums!

As there is equity in the property, I don't think you would face problem in getting a cashout refinance. Rates are quite low these days. If you have a good credit score and stable financial situation, you can definitely take advantage of the lower rates.

Feel free to ask if you have further queries.

Sussane

taylor you won't find rates to be much lower than what you've got at this time right now. we've seen increases in the last couple of weeks that would prevent that. however, based on your statement, you still ought to be able to do what you wish, as long as the interest rate isn't your biggest issue. i think you can duplicate the rate you have or better, which isn't such a bad deal, especially since you're borrowing quite a bit of additional money. as eric noted, your credit score is important as well.

I would love to assist you.

[Promotional text and e-mail address deleted as per forum rules. Thanks]

so mr. x is now a woman - how interesting - well there's another whole community to serve now, x.

taylor, beware of people who are utterly lacking in advice, but are so eager to jump in and "help."

Taylor at 170,000 you principal and interest payment would be $1,411, for the same amount over 30 years the principal and interest is $992. Thats a $420 difference which is pretty large depending on your debt to income ratios for qualifying purposes. This is based on a rate of 5.75%.

i'm surprised you were able to insert his moniker, james. usually, i get an alert that tells me i've used a "bad word" so to speak.

“Cash-out” refinances are only permitted on owneroccupied principal residences and are limited to a combined LTV (FHA-insured first and any subordinate liens) of 85 percent of the appraised value, provided the property has been owned by the borrower for at least one year. If the property was purchased less than one year preceding the loan application, the mortgage amount must be calculated using the lesser of the appraised value or the original sales price of the property multiplied by 85 percent. Properties owned free and clear may be refinanced as cash-out transactions. “Cash-out” refinances for debt consolidation represent considerable risk, especially if the borrowers have not had an attendant increase in income. Such transactions must be carefully evaluated.

executivemortgageadvisor

Welcome to the forum. Your comment regarding cash out refi's may be true with certain lenders. However, there are banks will allow cash outs on investments and even commercial properties.

Thanks for the post and keep them coming !

You are correct if you are talking Conventional, However the above comment was referred to FHA an according to HUD's Mortgage Letter I am 100% correct. Mind you we are Direct Endorsed also I not only use Fannie and Freddie, I also use Ginnie Mae which will allow SUB 620 Approvals. Conventional on the other hand you must have a much higher score. and the loan to value is much lower. I would love to see proof positive of your source. Best Wishes

Exec...

You must have been answering some other question because the one posed by Taylor initially on this thread had nothing to do with FHA.

No Worries