There usually is an adjustment to the interest rate when someone is looking to refinance cash-out, making the rate higher because of the cash-out.
- At LEAST one student loan MUST be paid off with the proceeds to qualify for the program.
- At least ONE Borrower must be obligated on the student loan being paid off.
- Partial paying off of the student loan IS NOT allowed.
- Proceeds MUST be paid directly to the student loan company at closing.
- Sub-ordinate liens used to purchase the property may be included in the cash out.
- Delinquent property taxes LESS then 60 days delinquent may be included in the cash out.
- Cash back to the Borrower MAY NOT exceed 2% or $2,000.00
There are many reasons why cashing out refinancing and tapping not the equity of your home a good idea. Please contact one of our mortgage originators for a free no-obligation consultation why taking cash from your property may be a great idea.