My home is paid off and I'd like to refinance with a large cash out ($417K). There will still be more than 20% equity remaining. Do lenders still do those types of loans at competitive rates? If so, who? - Thanks
Thanks for visiting FatWallet.com. Join for free to remove this ad.
lonestarguy
Enthusiastic Member
posted: Jan. 25, 2013 @ 11:20p
Look at a PenFed Home Equity Loan.
Silverthunder
Member
posted: Jan. 25, 2013 @ 11:28p
yes, they exist fha to 85% conventional to 85% home equity- varies a lot
let me know if any other Q's
caymantl
New Member
posted: Jan. 26, 2013 @ 10:50p
I'm looking to do the same. Best I've found locally at a broker for cash out refi is 3.5% no pts / no fees for 80% LTV.
Penfed has 3.25% with 0.75pts and some fees. Anybody found better?
isobro
Senior Member - 1K
posted: Jan. 27, 2013 @ 7:51a
How long? Penfed has a no cost 5 year 1.99 HEL.
Just1morequestion
New Member
posted: Jan. 27, 2013 @ 4:23p
I want a 30 fixed rate.
awstick
Senior Member
posted: Jan. 27, 2013 @ 8:58p
Before you do it I hope you realize that the interest will not be tax deductible. We had a client do this on a paid off second home and ended up with 20k a year in unusable mortgage interest.
joshjackson
New Member
posted: Jan. 28, 2013 @ 9:38a
I have two paid off house in New Orleans trying to do the same thing but some one waste my time now I don't Know who to do it with in New Orleans help!!!!!!
Bagofchips
Senior Member - 2K
posted: Jan. 28, 2013 @ 9:42a
awstick said: Before you do it I hope you realize that the interest will not be tax deductible. We had a client do this on a paid off second home and ended up with 20k a year in unusable mortgage interest.
Are you a tax advisor? Note this is not a 2nd home. OP doesn't mention proceeds to be used for home improvement, so we can assume that's not in play -- sounds like a true cash-out-refi. I believe OP should at least get deducts on $100K of the principal, no matter how it's used, right?
Aside: anybody know a way to structure a sale to self of the property so as to facilitate bona fide 100% purchase financing on what otherwise would be a cash out?
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
One-time set up
Avoid the hassle of entering your information every time you buy.
•
Instant Cash Back tracking
Since we complete the purchase, we can credit your Cash Back immediately.
•
Buy with just two clicks
One click begins checkout and another confirms your purchase.
Once set up, making a purchase with FW checkout is a breeze. FatWallet Checkout confirms the after-tax
price plus shipping and, after you confirm, completes your purchase for you.
Shopping
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
Forums
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Support
Our customer experience team is here around the clock - real people ready to assist.
Click to copy code and go to .
