Posted on: 21st Feb, 2012 02:05 pm
is there a way to go back to a conventional loan after a cashout refinance? i am wanting to do a home improvement/construction loan and i am stuck at the 80%. i have heard once a cash out, always a cash out which i am finding to be true. just curious if there are ways around this (absent selling my house)??
H krajma,
I don't think you will be able to get a conventional loan now once that you have gone for a cash out refinance. You can speak to the local lenders in this regard. Apart from this, if you have any other property which is free and clear, then you can take out a conventional mortgage on that property.
I don't think you will be able to get a conventional loan now once that you have gone for a cash out refinance. You can speak to the local lenders in this regard. Apart from this, if you have any other property which is free and clear, then you can take out a conventional mortgage on that property.
First, contact a skilled real estate broker.The broker will then give his recommendations on what needs to be done as far as fixing your home.
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A cash out mortgage loan is the mortgage loan where the mortgage amount is more than the existing mortgage loan amount. You will not be able to go back to the conventional loan once you have opted for cash out refinance.