Financing in Boston>Question Details

Trulia Boston, Home Buyer in Boston, MA

Are interest rates higher for a cash-out refinance?

Asked by Trulia Boston, Boston, MA Wed Jan 30, 2013

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There would be little or no adjustment to rate with a 15 year fixed mortgage compared to a longer term. Also, the rate adjustment is eliminated if you borrow less than 60% of the appraised value as Richard mentioned with a 30 year fixed.
0 votes Thank Flag Link Wed Jan 30, 2013
Yes they are. Both Fannie and Freddie charge risk adjustments to cash out loans. I believe the charges start when the loan is more than 60% of value. Lower credit acres can add to these adjustments.
0 votes Thank Flag Link Wed Jan 30, 2013
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