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
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posted: Jan. 25, 2013 @ 11:20p
Look at a PenFed Home Equity Loan.
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
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?
Senior Member - 1K
posted: Jan. 27, 2013 @ 7:51a
How long? Penfed has a no cost 5 year 1.99 HEL.
posted: Jan. 27, 2013 @ 4:23p
I want a 30 fixed rate.
Senior Member - 1K
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.
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!!!!!!
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?
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