|
> News of the day < Many people who have filed bankruptcy in the past apply for credit the wrong way.They fill out a credit application and hope for the best. Best case, they probably end up paying a lot more in interest and finance charges – hundreds or even thousands of dollars more, depending on what they’re buying. Time will [...] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Cash-Out Refinance – A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens. In other words, a refinance transaction in which the borrower receives additional cash that can be used for any purpose. Of course, the best way to tell if a cash out refinance makes sense is to actually sit down and do the math. You can consult a refinance calculator and a home equity loan calculator and figure out how much you will save in the long run. Compare the total amounts you will spend in interest and fees. Contacting a loan specialist should be able to help you figure out what makes sense for your needs. (more…)
