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Why is my Texas mortgage refinaced considered a cashout if Iam not taking cashout?

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davidgparsons Joined: 06 Feb 2009 Posts: 1 1.32 Dollars($)	Posted: Fri Feb 06, 2009 4:00 pm    Post subject: Why is my Texas mortgage refinaced considered a cashout if I Like 0 Dislike 0 Why is my Texas mortgage refinaced considered a cashout if Iam not taking cashout?...My current mortgage is a house on 5 acres with the ajoining 20 acre tract in 1 loan. I want to refinace the house and 5 acres and clear the title on the the 20 acre tract. The house and 5 acres have been appraised at 250,000 which is more than enough to cover the existing 160,000 mortgage.
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Sun Feb 08, 2009 8:03 am    Post subject: Like 0 Dislike 0 If you are refinancing for an amount more than your current mortgage balance, only then it will be considered as cash-out refinance. Here, your home has been appraised for $250,000. But this doesn't mean you'll have to take out a refinance loan worth the entire amount. You can simply borrow $160,000 and pay off the existing mortgage. Then it won't be considered as cash-out refinance.
ashleyblanton Joined: 03 Feb 2009 Posts: 151 Location: San Diego, CA 0.00 Dollars($)	Posted: Fri Feb 13, 2009 1:20 pm    Post subject: Like 0 Dislike 0 To follow up to Sara's post. Are you paying off any other debt? If you are, then this is considered cash out as well. _________________ Ashley Blanton VP of Operations 2180 Garnet Ave. 3EF San Diego, CA 92109 (858) 768 - 0764 ashley(at)aplemail.com

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