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Mortgage Community Forums | Forums: Learn from other's experiences | cash out refi

cash out refi

Posted on: 16th Jun, 2010 11:50 pm
:( i was tring to refinance my house paid 400.00 on the appraisal. and three weeks after i started this they just now told me i could not refi because 2 years ago i did a refi with cashout. why can't i refi because of that?
Welcome marie,

You need to check out whether or not you have equity in your property. If you have equity, then you would be able to refinance the mortgage though you went for a cash out refinance 2 years back.
adonis
Posted on: 17th Jun, 2010 12:41 am
Marie,

There are some banks who are particular about a second cash out like that. I would take your appraisal and move onto another bank.
eric1
Posted on: 17th Jun, 2010 09:29 am
As stated above, there should not be an issue in how many times you have refinanced. The maximum slopwanle right now is 85% of the homes current value.You should have been told up front that the loan would depend on the homes current value and then you could have made an educated decision on whether you wanted to spend monies on an appraisal.

James Kennedy
732.979.7409
JKennedySLG
Posted on: 17th Jun, 2010 09:31 am
The maximum cashout**
JKennedySLG
Posted on: 17th Jun, 2010 09:32 am
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