Posted on: 27th Feb, 2009 09:27 am
i'm looking to refinance for the first time on my house, and my loan agent told me that although this first refinance is not a cashout or home equity refinance loan, once i refinance the first time, if i choose to refinance for a second time it would be considered a "cashout" refinance loan.
i know "once a cashout, always a cashout", but this first time isn't a cashout, so why would the second refinance be considered a cashout no matter what???? i understand "once a cashout, always a cashout", but this first one isn't even a cashout....is she wrong???
i know "once a cashout, always a cashout", but this first time isn't a cashout, so why would the second refinance be considered a cashout no matter what???? i understand "once a cashout, always a cashout", but this first one isn't even a cashout....is she wrong???
If you refinance a 2nd time within a 12 month period it is often considered a cashout even if there is none.
Also if you have an equity line that you are paying off which you did not have at time of purchase it is always considered cashout.
Also if you have an equity line that you are paying off which you did not have at time of purchase it is always considered cashout.