Should I get a refinance cashout now during this financial bailout crisis?
Written By: admin on July 15, 2009
One Comment
I am looking to get a refinance cashout. I originally was searching for a home equity loan but after I called several mortgage banks, I started to learn more about a refinance cashout and an FHA refinance cashout – both look more appealing than a home equity loan. The banks I contacted told me that I would probably be better with getting a conventional refinance cashout than an FHA. So the following is the quotes I received from a conventional refinance cashout: I contacted Citi Mortgage (my current mortgage provider); I currently owe K at 6% on a property that is probably close to 0K in value. Citi Mortgage said they could get me a 30-year fixed refinance with K at 6.125% with a monthly payment of 0 (but they kept talking about adding points to pay for some points – I was confused). I currently pay them 3 a month for my mortgage. I also contacted Wells Fargo who gave me an interest rate between 5.7 and 6% to pay 7 a month. They sounded more simple with a better rate.
But, I am worried about two things: should I even refinance at this time, and which bank should I go with?
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Treating your home like an ATM is one of the problems that has made the current mess we are in. The danger in a refi cashout is that you are borrowing against the equity in your home using the appraised value of an asset in a sinking market. If the value of your home falls, you will be unable to sell your home for the value of your mortgage.
Why are you looking to take cash out? If you are going to use the cash to pay your bills, you are in even more distress. That means you aren’t living within your means. Remodeling the house is a better use.
That said, the costs are different for each kind of loan. Use this to plug in the numbers to see how much they really will cost: http://www.bankrate.com/brm/calc_vml/refi/refi.asp