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Posted: Thu Jan 29, 2009 5:35 pm Post subject: Texas Cashout Refi & Fin.Planning for retiree
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Hello, and thank for the advise in advance.
I've just retired (semi-self employed) and want to refi my house for a lower rate plus take out some cash. I'm familiar w/ A6 laws, but am perplexed on how to manage my equity. I know my income will be dropping (now about 65-70K, 670 Fico). But I have a lot of equity, 165K mortgage (no cashout/or 2nd) appraisal 950K. We want to stay in our house for 5 yrs. I only want to cash out $25-30K, but want to be able to retap my equity again in the future if a business opportunity comes along. So here's my questions.
1. How hard is it going to be for me to get a refi/cash-o with my above info.
2. If I want to retap my equity(after 12mo.), will I have to refi again, and go through credit/income ver. plus refi. fees,... is this correct?
3. Would I be better off doing a straight refi (no c-o), and getting a HELOC. Can I get a heloc (will I qualify) for a large amount ($300K), to use it if the business opp. arises? Will I have go through credit/income ver. every time I make a large withdrawal in years to come? Who does HELOC's,... mortgage lenders or banks, and would I do it with the same lender I took out my new refi. with? Thanks! |
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 jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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