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MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
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Is it possible to cash out refi... when you have no mortgage?
Seems as if rates are way better on a refi than a HELOC!
ETA:
We own house I grew up in. There is no mortgage on the house. We want to gut and totally renovate, and are prob looking at 150k of renovations.
Message edited 4/2/2009 7:21:17 PM.
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Posted 4/2/09 7:20 PM  |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: Is it possible to cash out refi... when you have no mortgage?
of course you can, do you need a mortgage broker?
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| Posted 4/2/09 8:41 PM |
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MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
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Re: Is it possible to cash out refi... when you have no mortgage?
Posted by olliesmama
of course you can, do you need a mortgage broker?
That's what I thought, you would think I would know, I used to work for WFHM!
A good friend of mine is a loan officer. But we are going to go with the best deal, preferably through a bank and not a broker.
Thanks for responding!!
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| Posted 4/3/09 5:40 AM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: Is it possible to cash out refi... when you have no mortgage?
wouldnt it be better to get a home equity loan if its for renovations?
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| Posted 4/3/09 1:24 PM |
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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Re: Is it possible to cash out refi... when you have no mortgage?
I am not that familiar and am not sure if it will end up being more beneficial, but you should talk to an accountant (if you haven't already) about the tax benefits of doing a home equity loanfor home rennovations. I believe there are significant deductions.
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| Posted 4/3/09 2:09 PM |
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MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
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Re: Is it possible to cash out refi... when you have no mortgage?
Posted by MrsFab
wouldnt it be better to get a home equity loan if its for renovations?
I believe the rates are higher.
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| Posted 4/3/09 4:13 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is it possible to cash out refi... when you have no mortgage?
Posted by MrsFab
wouldnt it be better to get a home equity loan if its for renovations?
No rates are much higher for HELOCs.
HELOCs are good for "emergency", or when you already have a good deal on a primary mortgage and don't want to change your rate and terms.
You can establish the HELOC when you don't need it. When your job and income is good. You don't need to pull from it right away.
Then if ever times get rough, it's already established so you can pull from it at will. If you lose your job it will be much more difficult to get a HELOC.
But in this case, a cashout refi is most definitely better. Rates are significantly better, especially if you go 15yr fixed.
Message edited 4/3/2009 10:53:44 PM.
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| Posted 4/3/09 10:52 PM |
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MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
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Re: Is it possible to cash out refi... when you have no mortgage?
Posted by ave1024
Posted by MrsFab
wouldnt it be better to get a home equity loan if its for renovations?
No rates are much higher for HELOCs.
HELOCs are good for "emergency", or when you already have a good deal on a primary mortgage and don't want to change your rate and terms.
You can establish the HELOC when you don't need it. When your job and income is good. You don't need to pull from it right away.
Then if ever times get rough, it's already established so you can pull from it at will. If you lose your job it will be much more difficult to get a HELOC.
But in this case, a cashout refi is most definitely better. Rates are significantly better, especially if you go 15yr fixed.
thanks!
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| Posted 4/4/09 11:10 AM |
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