Cash Out Plan
I bought this house with HML. I took out HELOC, fixed it up. Now have 100k equity. Want to refi and cash out. Need local appraiser to come into the house to see the work (e-loan does electronic appraisals- house would have same value as day it was purchased). How do I get low fee, interest only refi- no cost but with local appraisal. What companies? Good credit- 700, stated income, no pre-pay, hope to sell in spring. Ideas/thoughts/advice appreciated.
Depending on when you purchased the house, you may have a title seasoning issue. If so, there are still a few lenders that will do a cash-out REFI without seasoning requirements. Going Rate & Term would give you more options.
You have a good FICO, but what kind of program you can get will depend on the rest of your financial situation. You will just have to check around, or find a good mortgage broker to work with.
Regarding the appraisal, the lender you use will obviously require one to be done by someone local. But if you want to have it appraised before that, just call someone in that area to come in and do it.
However, you say you have $100k equity. What is that based on? Have you researched the comps in your area? If so, and everything else is in order, you should be fine.
Thank you for the info. I have a few questions. What is required in regard to title seasoning? We purchased the property in February of this year.
What does "going Rate and Term" mean?
Believe it or not, they do not always use local appraisers, they use computer generated appraisals- at least a lot of the no-fee internet based lenders.
The equity is based on comps.
Greetings stevenwendyh,
If you bought last Feb, you should be fine on any potential seasoning issue.
Sorry. Rate and Term basically just means no cash-out. For example, if you did a REFI to pay off your HML and HELOC, but took no additional cash out, that would be a Rate and Term.
I know you’re looking for low to no costs and fees, but I might suggest looking beyond just e-loan. You might pay more, but if you find the right program, it could be well worth it in the long run.
Did you check the lenders tab? You sound like you have specific guidelines that you are following... That lender info is pretty specific...
Give it a go!
Good Luck!
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