Refinanced mortgage, if cash is taken out is the rate different?

Eg. I want to refinance a 155K mortgage and 30K equity line into 185K fixed mortgage. If I take out 50K cash too, is the APR on the 50K cash the same as the 185 fixed mortgage?Refinanced mortgage, if cash is taken out is the rate different?
Yes, a cash out transaction has a higher cost than a rate %26amp; term, or purchase.





Also: If that 30k equity line was taken out after the purchase and thus was not used to originally acquire the property, combining those loans into one new one is a cash out transaction even without the extra 50k.Refinanced mortgage, if cash is taken out is the rate different?
under conforming rules, your loan will be cash out regardless if you do not take another $50k.





in any event, your rate will be higher because of the cash out unless you at 70% LTV or less





LTV = $185,000/your value
Rate has everything to do with risk. If you have an outstanding credit profile and your loan to value ratio is low, you'll get a good deal. It will not matter how much cash you pull out. It's always about the market, it's always about the risk. Low risk, low rate. This stuff is pretty simple, no?
It will be cash out regardless if you take the 50K or not because of your 30K equity line which will be considered as cash when you refi. If the total $ amount you refinance is below 70% of your home value, there are lenders and banks that will not increase the rate for that.


Make sure to price out your loan with your LOCAL banks and mortgage brokers only.


A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can鈥檛 get to them within 1 hour don鈥檛 fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.





Remember Buddha's advice:


';Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.'; You are the only ';expert'; you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is ';selling'; you something (its not advice, its advertising). Don't buy ';it.';

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