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Cash out refi? Still possible?
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JennP
LIF Adult
Member since 10/06 3986 total posts
Name:
Jenn
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Cash out refi? Still possible?
Things have changed a lot since I got a mortgage and I am wondering if it's still possible to do a cash out refinance.
If it is, is it possible to take cash out up to the price of the house? For example, if the house is worth 400k, could I take 390-400k, pay off the old loan, and get the cash for the difference?
My credit is excellent, around 800 or high 700s at the least (if that makes a difference.)
It's not for a repair or upgrade; it's a long story but the quick version is that I am trying to extract enough cash to be able to buy another house or condo. Again, very long story.
TIA!
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Posted 5/1/13 5:12 PM  |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Cash out refi? Still possible?
I believe FreddieMac does cash out refinancing. I think you will also have to pay PMI if you take out more than 80% of the value.
Message edited 5/1/2013 5:32:41 PM.
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| Posted 5/1/13 5:29 PM |
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