Profile picture for user921819

I refi-ed 9 years ago w/equity out 4 some tile flooring. Why r refi rates higher 4 me now?

Seems like there are higher rates offered than if I had a 'regular mortgage' w'ever, and all anyone tells me is "because Texas".
  • June 19 2012 - Southwest
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Profile picture for user921819
I just don't see how, i could get the 'going rate' if were buying another home, but I am a worse risk if I refi my present one.

And it seems to vary State by State.

But 'actuarial' or w'ever decisions can seem weird so....

thanx for the reply.
  • June 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

When you take cash out of your home thru a 2nd lien or refinancing the 1st lien and receiving cash at closing, your loan is now a 'cashout'.
Lenders consider cashout loans more risky and apply rates accordingly.

You lender should have told you that when you did the cashout loan.
It would have been better for you to do a 'home improvement' loan instead.
  • June 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.