Cash-out refi..

[catman]

Hello TBH,
I've been toying with the idea of taking out a cash out refi on my primary residence. Anyone here that is in the business? I've spoken with 2 outfits and I'm getting 200K, 4-4.5k in closing costs with a 15 year note @ about 3.625 rate. Anyone done this in the past that can provide numbers and contacts?
thanks,
Cat

[swanjts]

I just got a quote for mine and it is pretty close to what you got for a similar amount.

[gingib]

Not smart.

[justintyme8303]

Fees seem high

[Throwin Darts]

Hello TBH,
I've been toying with the idea of taking out a cash out refi on my primary residence. Anyone here that is in the business? I've spoken with 2 outfits and I'm getting 200K, 4-4.5k in closing costs with a 15 year note @ about 3.625 rate. Anyone done this in the past that can provide numbers and contacts?
thanks,
Cat

What are you using this cash for? Will the cash not be used in the future to repay the mortgage?

Closing costs seem high to me.

[rugger]

Look into a home equity line of credit that you can draw on as needed before taking the plunge on a cash out refi - unless you have something to use all the money on already.

I have never done either but thought about the home equity line of credit for a remodel project.

[DimmitCo]

Yes, pm me

[JBT]

Not smart.

lmao with the limited information given you have exactly 0 idea how smart or not smart it is for his particular situation

[TeamAmerica]

Rate sounds reasonable. Closing costs sound high. What area are you in?

[Charles]

Have you considered a Heloc?

[jer_james]

Id say the same - rate seems reasonable and the fees seem a little up there.

[gingib]

lmao with the limited information given you have exactly 0 idea how smart or not smart it is for his particular situation

Sorry but 99% of the time it isn't smart financially. You have paid so much interest on it already so you will be paying double interest when you pay it off again next time.

[ballgame]

You might wait until after the Tax bill is passed.

I'm no expert so do your own research or ask your accountant.

If the mortgage interest deduction goes away you might want to reconsider doing this.

Closing costs seem high. 1% is pretty standard.

[JBT]

Sorry but 99% of the time it isn't smart financially. You have paid so much interest on it already so you will be paying double interest when you pay it off again next time.

lol I understand how interest rates work - "99% of the time" is a made up statistic - there are many reasons it might make sense - if you have debt you need paid off that you are paying a higher interest rate on it is a no brainer - if you plan on selling before the note is paid off you won't "be paying double interest" for the life of the loan - the list goes on and on - the point is without more information you have no idea if it is smart or not for his situation

[quackadikt]

Stay away from HELOCS. If you've got the equity in your home to do it, a cash-out refi is a much better deal than a HELOC.

Those closing costs don't sound bad to me...I'm a mortgage loan officer and I've got several refis in the works right now. They sound pretty reasonable.