Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user4125878

Would this be a FHA cash-out loan? If so how will that differ from a streamline refinance?

We just received and FHA appraisal on our house at 345k and owe 274k. I understand that in a cash-out refinance we get a mortgage for up to 85% of the value of the appraised value of the house, which would be about 293k. We'd like to take out a mortgage of 285k to pay for some repairs, but didn't know if that was possible without the loan becoming cash-out instead of streamline. If that does change the refinance to cash-out, what does that mean for our rates as compared to streamline?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 30 2012 - Staten Island
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

FHA rates are the same for cashout loans and streamline loans.  You will not pay any extra for taking cashout.  If you are being told otherwise shop it around.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 30 2012
 
Related Questions
we are considering refinancing with new american funding...
Profile picture for silvazx3
Latest answer by silvazx3
December 18 2013 | 7 answers
can i refinince if i'm just coming off of bankruptcy
Profile picture for Evan Masaki
Latest answer by Evan Masaki
July 10 2013 | 3 answers
  • Asked by user1568544
  • In Refinance
  • December 07 2012
Cash out refinance on an investment property
Profile picture for Evan Masaki
Latest answer by Evan Masaki
July 10 2013 | 5 answers
  • Asked by user2972815
  • In Refinance
  • December 05 2012
We live in Oregon and I just contacted a lender about the newer USDA pilot program for refinancing.
Profile picture for Russell Smith
Latest answer by Russell Smith
December 23 2012 | 4 answers
Seeking USDA streamline lender Raleigh area
Profile picture for Russell Smith
Latest answer by Russell Smith
December 23 2012 | 2 answers
  • Asked by Jennifer Marks
  • In Refinance
  • December 09 2012
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 15 Josephine St, Staten Island, NY Home For Sale
    15 Josephine St, Staten Island, NY 10314

     For Sale: $529,000

    • Beds: 4
    • Sqft: 2530
    • Baths: 3.0
    • Lot: 4150
  2. 113 Cranford Ave, Staten Island, NY Home For Sale
    113 Cranford Ave, Staten Island, NY 10306

     For Sale: $425,000

    • Beds: 3
    • Sqft: 1216
    • Baths: 3.0
    • Lot: 2700
  3. 311 Taylor St, Staten Island, NY Home For Sale
    311 Taylor St, Staten Island, NY 10310

     For Sale: $585,000

    • Beds: 8
    • Sqft: 2040
    • Baths: 4.0
    • Lot: 8840