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cash out or non cash out refinance

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opboatman Joined: 01 Nov 2009 Posts: 1 1.30 Dollars($)	Posted: Sun Nov 01, 2009 10:45 am    Post subject: cash out or non cash out refinance Like 0 Dislike 0 i have a first and a second on my home. the second was taken out a year after the first to put an addition on. i have not used the second since 2005. i would like to refinance my first into a 30 yr. fixed and subordinate my second. is this considered a cash out refinance?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Sun Nov 01, 2009 2:02 pm    Post subject: Like 0 Dislike 0 it would be considered as a cash out refinance only if you took more than $2000 cash back at closing. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.89 Dollars($)	Posted: Sun Nov 01, 2009 6:02 pm    Post subject: Like 0 Dislike 0 opboatman Since your existing second loan was used towards your home, then refinancing both loans into one would not be considered a cash out. Some lenders would require you to provide proof that those funds were used for the addition. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote

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