Updated over 5 years ago on . Most recent reply
Cash out refi on personal residence
I was wondering how I would go about doing a cash out refi on my personal residence. I currently have about 100k in equity in my house and would like to put some of that to good work. I was hoping I would be able to pull out about 40-50k. Is this a realistic goal? I owe about 200 and it is worth (according to comparable properties in my zip code) about 300k and that is a conservative estimate. Would it be a second loan? Would it just be like getting a whole new loan with a closing and have 1 payment? I'm not 100% sure how all of that works. I'm currently on a 20 year fixed and wouldn't mind stretching it out to 30 to keep my mortgage relatively similar. Any input would be much appreciated. I am in the Spokane Valley market in Washington State. Thank you for your time.
Most Popular Reply
@Joshua Norwood, a cash-out refi may be a great option, depending on the rate of your current mortgage, and your goals for the extra money. As Guifre above said, a HELOC may be a better option. If you go that route, Numerica here in Spokane Valley has great terms right now. Message me if you wanna chat more!