Zillow Advice: Refinance - Would I get same low rate for refinancing with addtl money taken out? http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ Zillow Advice | Zillow Real Estate It depends on your LTV, your ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ It depends on your LTV, your credit score, and the hit to your rate for the "cash out" can vary from lender to lender.&nbsp; It probably would not make your rate go up by more than 1/4%. Wed, 27 Jan 2010 01:07:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-27T01:07:00Z You can see the price charges ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ You can see the price charges here. This is from Fannie so what all lenders work off of. Page three is pertinent to your scenario <a href="https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf" rel="nofollow">https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf</a><br/><br/>the cost is represented in terms of points but this can either be paid for by higher upfront costs or with a higher rate that pays for the additional cost. Tue, 26 Jan 2010 20:13:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-26T20:13:00Z Presuming your home is worth ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ <p>Presuming your home is worth $150,000 and your loan amount is $120,000, then your LTV (loan to value) would be 80%.&nbsp;The&nbsp;fee to deliver your loan to the secondary market for this refinance scenario is .5% or $600.<br/><br/>Your mortgage professional could either offer you an interest rate .125% higher than the "best" rate on a rate and term refinance or you could pay the $600 delivery fee. The monthly payment difference on a&nbsp;$120,000 loan with a 30 year term would be $8.84. It would take you&nbsp;over 67 months to recoup your $600 delivery fee&nbsp;for the lower interest rate.&nbsp;&nbsp;<br/><br/>My professional opinion is to&nbsp;accept the slightly higher interest rate.<br/><br/>Good luck on the remodel! &nbsp;&nbsp;&nbsp;</p> Tue, 26 Jan 2010 18:40:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-26T18:40:00Z Try to keep the loan to value ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ Try to keep the loan to value LTV 75%.&nbsp; If it's above it will effect the rate.<br/>Good Luck. Tue, 26 Jan 2010 04:52:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-26T04:52:00Z Thank you so much. Our credit ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ Thank you so much. Our credit rate is good--above 740 I believe.&nbsp; Hopefully we can get this taken care of very soon. Tue, 26 Jan 2010 00:18:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-26T00:18:00Z The rate would be the same. ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ The rate would be the same. You would have additional fees. If you didn't want to pay these fees at settlement they may be included into a higher rate that has enough credit to <a rel="nofollow" href="https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf">absorb these fees</a>. .... Happy funding,Rudi Tue, 26 Jan 2010 00:14:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-26T00:14:00Z Credit score will be very ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ Credit score will be very important.&nbsp; At 740 or above, you can do a conventional refinance to 80% of appraisal and end up with attractive financing.<br/><br/>If you are in the 620-660 range, you might find FHA loan works out better, and this will potentially allow loan amount to 85% of appraisal for cash out.<br/><br/>Processing times can vary greatly depending on who/what you work with. Tue, 26 Jan 2010 00:12:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-26T00:12:00Z Yes you would need to have ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ Yes you would need to have a loan officer order an appraisal.&nbsp; For the best rates you probably want to keep the new loan at or under 70% of value. Tue, 26 Jan 2010 00:08:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-26T00:08:00Z So we would have to get an ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ So we would have to get an appraisal?&nbsp; how long would the entire process take?&nbsp; Our house is appraised around $150,000 and we owe about $53,000.&nbsp; We are hoping to combine refinance and addl money to a loan of about $120,000. Tue, 26 Jan 2010 00:03:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-26T00:03:00Z Cash out adjustments depend ... http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ Cash out adjustments depend on your FICO score and the amount of your loan vs&nbsp;appraisal value.&nbsp; The&nbsp;adjustment can vary greatly based on these components. Tue, 26 Jan 2010 00:00:00 GMT http://www.zillow.com/advice-thread/Would-I-get-same-low-rate-for-refinancing-with-addtl-money-taken-out/318406/ 2010-01-26T00:00:00Z