Refinance With Cash Out Woes
Are you wondering why your refinance with cash out wasn't approved?
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Cash Out Mortgage - Question For Kate Ford
Hi Kate, My friend is surprised her refinance with cash out wasn't approved. She owns her home outright and wants to borrow only 15 percent of the appraised value.
Why wouldn't a bank approve her refinance request for cash? Could it be too much debt or bad credit? Kim
Cash Out Refinance - Explanation By Kate Ford
Dear Kim, A cash out mortgage includes refinancing for lump sums of cash, consolidating debt and paying off liens such as home equity loans.
The smaller the mortgage, compared to the worth of the home, the simpler for a borrower to refinance with cash out.
Since your friend's request to refinance with cash out was declined, it could be bad credit, excessive debt, unverifiable income or outstanding property repairs standing in her way.
I make that assumption since borrowing a mere 15 percent of an appraised value is considered pretty low risk to a lender. However, regardless of the size of a loan amount, a lender still requires assurance that repayment will occur.
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