No cash out

No cash out

Member since 2022 · 3 posts · 1 vote

Hello I’m looking at a bank that offers a rehab loan. It’s list that there is no-cash out allowed. Am I correct in thinking that that’s not a good thing?

0Reply
55 views

2 Replies

Jump to latestLatest
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    3y

    That's a rate and term loan.  All that does is replace your current debt with better terms.  The idea is to reduce the monthly payment by either basing the loan on a lower base amount (reduce balance from the original loan), a lower interest rate, or a combination of both.

  • Member since 2022 · 3 posts · 1 vote
    3y

    Thank you, Joe

Join the conversationCreate a free account to reply, vote on answers and follow this thread.