Refinance or Cash Out?

[Csthreatt]

What is the name of your state? CA

I want to refinance my home to get cash out or to lower my monthly mortgage. The company I'm with now wants to refinance with no cash out but will lower my payment by about $400. Another company wants to refinance with lots of cash out but my payments will be increased by $400 per month. I want the cash out option for remodeling but then my payments will increase. Could I do the cash out option and then refinance soon after to lower payments?

And*

I had my home appraised by a previous company. After the appraiser appraised my home, no one told me what the home appraised for, all they told me was that they couldn't work with me because of one situation that they knew about before the appraisal was done. And they took the $400 for the appraisal. Is that legal? I didn't get any paper work or anything.

Please help. ANYONE.

 

[nextwife]

You have got to look at far more about this than just what the difference in monthly payments would be. Look at all the COSTS associated with each loan, compare the APRs and the loan trems. And, unless the cash out will be for improvements to this property, tread carefully! You will eat up your equity on consumer purchases and have none left. I do have a small equity line , and when we want to make certain home improvements, we loan ourselves money from our equity and DO pay ourselves back .

Consider refinancing the first for about the current balance, and also getting an equity line for some cash out. Odds are, the larger loan is carrying either high fees, high APR or both if you don't have a really good equity position. The LTV ration will be a factor.

 

[HomeGuru]

What is the name of your state? CA

I want to refinance my home to get cash out or to lower my monthly mortgage. The company I'm with now wants to refinance with no cash out but will lower my payment by about $400. Another company wants to refinance with lots of cash out but my payments will be increased by $400 per month. I want the cash out option for remodeling but then my payments will increase. Could I do the cash out option and then refinance soon after to lower payments?

And*

I had my home appraised by a previous company. After the appraiser appraised my home, no one told me what the home appraised for, all they told me was that they couldn't work with me because of one situation that they knew about before the appraisal was done. And they took the $400 for the appraisal. Is that legal? I didn't get any paper work or anything.

Please help. ANYONE.

**A: go talk with a mortgage broker already.