Posted on: 16th Jan, 2014 01:11 am
Hello there... I need to know as to what is the major difference between refinance and pulling out equity?
Hi Carvey,
Refinance is taking out a new loan and paying off the existing loan. Pulling out the equity, on the other hand, is cashing out the equity that you have in the property.
Take care
Refinance is taking out a new loan and paying off the existing loan. Pulling out the equity, on the other hand, is cashing out the equity that you have in the property.
Take care
There are cash out refinances and there are no cash out refinances - The pricing for a non cash out is a little better than a cash out. To cash out your equity you will need to refinance and you will have different guidelines with regards to loan to value than if it were a non cash out refinance.
Hope this helps
Brian Barnes
ENG Lending
Nationwide Lender
Hope this helps
Brian Barnes
ENG Lending
Nationwide Lender
