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Will I get higher interest rates if I do a cash-out refinance?

Cash out refinance vs. rate and term refinance by JMarston from Charlotte, North Carolina. Nov 19th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

The pricing for a Cash Out transaction is higher than a rate and term refi.. however, depending on your loan amount and LTV, it's possible that the pricing hit will be insignificant, or the lender might absorb it and not pass on the added cost to you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 19th 2012
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Mick Jewell (mickjewell)
#6 ranked lender in South Carolina - 13 contributions

It depends on the loan to value(LTV). The higher the LTV, the higher the rate.

Nov 19th 2012
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Mick Jewell (mickjewell)
#6 ranked lender in South Carolina - 13 contributions

It depends on your loan to value (ltv). The higher the LTV, the higher the rate.

Nov 19th 2012
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Mac Church (MacChurch)
#53 ranked lender in Virginia - 10 contributions

HI Mr./Ms Marston-Fannie Mae and Freddie Mac both have pricing hits for cash out refinances. The rate is not always affected, but the cost of the loan is.It all depends upon your loan to value and your credit score as well. If it is a FHA or VA loan then there is no difference in the pricing or rate.If you would like me to look at your scenario for you, I will be more than happy to do so. My email is church.team@lionbank.com.Have a wonderful day!Regards,Mac

Nov 19th 2012
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Depending on the loan to value, it could be higher. Rates are tiered according to score, loan amount verus value, and if it is a cashout.

Nov 19th 2012
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Phil Jawny (phil_224_107)
#41 ranked lender in North Carolina - 2 contributions

Yep depends on the loan vs the value.. Check your value at www.Zillow.comanything over 80% will cost more

Nov 19th 2012
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Rob Ballance (rballance)
#47 ranked lender in North Carolina - 5 contributions

Not necessarily... If your new loan to value is less that 60% and your credit score is over 680 the rate would not be effected. Once you exceed 60% LTV the impact to the rate increase in 10% LTV increments. Email me direct for more information. Rob@mortgageauthority.com

Nov 19th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Generally yes, but it depends on the amount of the mortgage compared to the appraised value and your credit score and the type of loan that makes the most sense for your situation. Call or email me for help anytime: pdumouchel@primelending.com or 843-619-6025

Nov 19th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Generally yes, but often not significantly higher. It really depends on the details of your application and qualifications: credit profile, whether the home is your residence, the value of the home compared to the loan amount, etc. I'd welcome the opportunity to earn your business; I can explain your options and answer any questions. 843-619-6025 or pdumouchel@primelending.com

Nov 19th 2012
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Yes, it is usually a little higher rate for a cash out refi. The higher your loan to value goes up the higher the rate will go. Good luck!

Nov 19th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Generally it is slightly higher. But it depends on Loan to Value

Nov 19th 2012
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