- Find a Real Estate Professional
- Alaska Realtors®
- Alaska Mortgage Lenders
- Alaska Home Improvement Pros
- Alaska Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- More
Answers (15)
- SoCal_Engr
- Contributions:5670
On my last refi, I refi'd at .125% higher than par. The rebate (right word?) paid for all closing costs, 6 months of home insurance, and cash back. This was not a "cash out", just a case where the incentive for getting a higher-than-par rate made it worthwhile.
If you have sufficient equity, you can get a "cash out". However, that cash is rolled into your loan, so you'll end up with a higher amount of principal.
If you have sufficient equity, you can get a "cash out". However, that cash is rolled into your loan, so you'll end up with a higher amount of principal.
- David Sheir, "DavidSheir"
- Contributions:21
On a refinance, this is referred to as a "cash out refinance." It is a common type of refinance. However, you must have equity in your property in order to do this. On a purchase, you can no longer walk away from the closing table with money as a buyer. Hope this helps.
- Dan, "the_country_hick"
- Contributions:4700
The best way to do that is to go in with an extra check for that amount and not spend it.
- Heather Dalzell, "Sr. Loan Consultant"
- Contributions:7
When you complete a Cash Out Refinance, you receive however much cash you have specified to your lender. You need to have equity in your property as well as meet other criteria set forth to do this. Your loan balance increases by the amount of cash you have requested.
When you compelte a Rate/Term refinance, you simply modify the rate and term of your loan, but you are limited to $2,000 cash in hand.
When you complete a purchase, unless you are the seller, you will NEVER receive cash out.
Good Luck~ I hope this information is helpful~
When you compelte a Rate/Term refinance, you simply modify the rate and term of your loan, but you are limited to $2,000 cash in hand.
When you complete a purchase, unless you are the seller, you will NEVER receive cash out.
Good Luck~ I hope this information is helpful~
- Clay Branch, "Georgia Loans"
- Contributions:7839
maybe the people getting big checks are sellers with equity :)
- Michael Emery, "MikeEmery"
- Contributions:7298
About all I have gotten out of a closing was a couple of extra pens that i shoved my pockets and perhaps a free bottle of water.
Anything else is just pure fraud. Just google 'straw buyer' to get a sense of what kind of fraud this involved. Minnesota was number 5 in the country for lender / home buying fraud.
Anything else is just pure fraud. Just google 'straw buyer' to get a sense of what kind of fraud this involved. Minnesota was number 5 in the country for lender / home buying fraud.
- Andrew Adams, "203K Specialist"
- Contributions:9349
"This happened often during the boom"
WHAT! I never saw it happen and any loan officer or realtor that was involved in a purchase transaction that thiss took place on should loose their license and be charged with bank fraud! It was never an acceptable practice!
WHAT! I never saw it happen and any loan officer or realtor that was involved in a purchase transaction that thiss took place on should loose their license and be charged with bank fraud! It was never an acceptable practice!
- wayne lancaster, "funds2"
- Contributions:1177
It may be hard to ask how that worked for them as their mail is limited while in prison.........If it was not a cash out refinance the only other way would be a verified earnest money deposit $20K - $30K more than the down payment (unheard of).
- James Hubbert, "J Cory"
- Contributions:1
If your strictly talking about a cash-out refinance, generally the requirements can be more strict than a refinance that is done simply to lower your rate or monthly payment. The total amounts taken, the percentage of the home's value consumed by the loan amount, and your credit scores are all determining factors. If the property is located in a declining market you may also find additional limitations.
My advice is to find a reputable professional in your area and talk it over with them. Most professionals would be glad to do that for you for free.
My advice is to find a reputable professional in your area and talk it over with them. Most professionals would be glad to do that for you for free.
- Sean Ogilvie, "California Mortgage"
- Contributions:173
kateyezi,
Are you asking about a refinance or a purchase? There is no way people should be getting 20-30k cash back on a purchase. Is this really happening in your marketplace right now?
As most here have already mentioned a cash out refinance or a home equity loan/line would be the only way for a borrower to legally get cash back at closing.
Are you asking about a refinance or a purchase? There is no way people should be getting 20-30k cash back on a purchase. Is this really happening in your marketplace right now?
As most here have already mentioned a cash out refinance or a home equity loan/line would be the only way for a borrower to legally get cash back at closing.
- Kendall Fulton, "Dutches 1"
- Contributions:15
I can only imagen that you are talking about a refinance and get the equity out of your house. Anything other than that is totaly against the law.
- Tara Talbot, "Tara Talbot"
- Contributions:147
Cash back at closing is prohibited. If a seller is paying closing costs the buyer can only be reimbursed for out of pocket expenses such as the appraisal.
- Danielle Sharp, "mysharphomes"
- Contributions:94
On a purchase, that's also known as mortgage fraud. This happened often during the boom times but haven't heard of it happening since. As Robert said below, an equity line or refi can provide funds at closing
- wetdawgs
- Contributions:26854
You'll have to ask those people, because it isn't a normal situation for purchase loans.
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
On a purchase you do not get cash back.
With a refi you simply tell your Loan Officer for how much you would like cash back. If you have enough equity and you qualify,..you get a check after closing.
how do you get money in your pocket at closing?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.