Updated almost 8 years ago on . Most recent reply
Cash out refi question...what if...
I have a home equity loan out for ~$98,000 with the property being valued at ~ $215,000
I realized there was a ton of equity sitting there so I decided to apply for a cash-out refinance...during my 30 minute phone application one of the questions that came up was "Will you be using the proceeds to purchase any real estate?"
My first response was no but in my head I was thinking...well maybe?
Hypothetically speaking, are there any big consequences that can arise from using the proceeds on a down payment? The bank is TD so I am assuming they generally play it safe and don't want to risk it.