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You cannot do a cash out refinance if you don't already have a mortgage on the property. You can do a home equity loan or line of credit but those come at highe
by reggedtorespond 4y ago
You cannot do a cash out refinance if you don't already have a mortgage on the property. You can do a home equity loan or line of credit but those come at higher interest rates than a refinance.
But yes the real winners are almost always those who have ample resources.
- endisneigh 4y agodid something change? normally even on a home you own outright you can get up-to 80% of the appraised value difference
- Sohcahtoa82 4y agoYou're confusing terms. That's a home equity loan, not a cash-out refinance.
- endisneigh 4y agoI'm not. You can do something similar with a home equity loan, but you can also do a cash-out refinance. The main distinction is that a refinance, like a mortgage on a home you don't own out-right has a better rate than a home equity loan or HELOC