UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: cjrcpa One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308238  
Subject: Re: cash out refinancing Date: 5/23/2001 1:51 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Great increase in value of the home. Most real estate doesn't outperform the market that well.

As to your question, I have the following ideas.

I just refinance my home. However, the lenders I talked to would not loan higher than 85% of the appraised value if cash was taken out and charged extra fees. You may want to find out if you could get enough cash out and if there would be an increase in fees (read increase to annual percentage rate).

In my opinion, if you can make the payment and get rid of the debt in 5 years, you may be better off using the home equity. I know my local credit union does a no fee home equity loan. The only cost is the appraisal which you already have. This may be a cheap alternative and the interest is probably still tax deductible.

CJ
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Feste Award Winner Announced!
Congrats to the Winner of the 2013 Feste Award!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement