I have a home- we owe about 40k, interest rate is 5.5%... to refinance the balance has to be over 50k... can we take out 15k more to refinance?

Asked by E.redfield, Fort Worth, TX Mon Jun 4, 2012

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Guy Gimenez, Agent, Austin, TX
Tue Jun 5, 2012
Depends on your credit, income, assets, and whether the house will appraise by the lender's standards. If you're asking is it possible to take cash out on a refinance, the answer is yes.

You should seek the advice of a lender (Tom Burris below is a mortgage guy).
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, ,
Tue Jun 5, 2012
It will depend on your current value but most likely yes you can. In Texas you can only take up to 80% of the value outg in cash. I would love to help. Please feel free to contace me at 817-944-8094 and let me get the specifics so we can get the ball rolling. I hope to hear from you soon!
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Dallas Texas, Agent, Dallas, TN
Mon Jun 4, 2012
Many additional questions require answers. Recommend speak direct with mortgage broker determine what particulars are.

Keep in mind you may have additional fees:
1. Appraisal
2. Closing costs and etc.

Many instances expense is not worth the refi expense. Confirm you obtain all amounts determine IF smart financial decision.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

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Great comment. Good infromation for sellers.
Flag Wed Jun 6, 2012
, ,
Mon Jun 4, 2012
But you will be taking cash out on your home.... Rates are different for 'cash out' loans.
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Jolene Clarke, Agent, Burleson, TX
Mon Jun 4, 2012
Call your lender if you don't have one let me know I can get you connected with a great one.

The Texas rule is that you can not refinance for more than 80% of the appraised value of your home. Getting an appraisal will be the first step in refinancing.

Jolene Clarke 8172664959
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Nikki Skalsky, Agent, Fort Worth, TX
Mon Jun 4, 2012
Definitely a lender question. Let me know if you need a good lender too speak with, I can help you out.
Web Reference:  http://nikkiskalsky.com
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Bruce Lynn, Agent, Coppell, TX
Mon Jun 4, 2012
Why don't you call your current lender and see if they can do some type of simple refinance, streamline or something. That would probably be the best bet and least costly.

A loan officer could run the numbers for you, but with such a small balance the refinance probably does not really help you. Your payments would not be significantly lower vs the cost to do it. Probably better to use the $2000-$3000 it might cost you to refinance to contribute directly to your loan and pay it off faster.
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