BiggerPockets

You are referring to a cash out refinance, and that is how it works. Remember that your new note and payment would be for the $900,000, and the actual percentage that you can cash out depends on the lender.

Best person to ask is a lender on their actions and how long it takes. I know it took 2 weeks to take out a home equity loan for a friend of mine. For those amounts you're talking about i am unsure. but once the correct paperwork is submitted you'll have a new loan payment but also 900k to make yourself even more profitable. If i were in your situation i would just start shopping for a lender and ask them questions. I had a lender on the phone for an hour once just talking about mortgages and how home equity works.

check out Fannie Mae Desktop Underwriter guidelines. You can basically read about the qualifying ratios that the banks/lenders follow. Always helps me.

Well, you're not going to get cash out on a car loan refinance - what you might get are lower payments via a longer term (you pay more) or a lower interest rate (could be some savings), or both (could break even or pay more in the end) .

It really depends on how many payments into the original loan you are - the interest is usually stacked up in front like a home mortgage - so paying it off very early is a big benefit; paying it off late in the loan term you'll realize very little savings.

I just tell everyone I can not to finance cars - I bought a new car once when I was 19 and I'll never do it again. When you can get a serviceable ride for under $2k, why have a car payment? If you want a status ride save up for it.

Does it cost money for them to appraise it? Are you obligated to use them if you find out after the appraisal that you won't get the money you thought you might get (or any money for that matter)? Is it worth it to refinance even though you won't get money? Thank you in advance for your feedback.

Steve, thank you very much for your feedback. I really appreciate it!!! Michelle