Zillow Advice: Refinance - Hard time getting refinance with cash out http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ Zillow Advice | Zillow Real Estate Your dti MUST qualify based ... http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ Your dti MUST qualify based on the standard.&nbsp; If your DTI is still too high after the cards are paid off, typically not much can be done.&nbsp; It certainly seems counter-intuitive that the same lender wouldn't want to put you in a better situation than you are in, but not when you think about it from the standpoint of they very likely have already sold your loan to Freddie or Fannie and now are just SERVICING the loan (which means they have no risk).&nbsp; If they re-finance you and it no longer is eligible to be sold to fannie or freddie because the dti is too high, well then now they own your loan for life (which they definitely don't want to do because it's money they can't lend out, essentially).&nbsp;&nbsp; So it's not as simple as "why wouldn't you want to better my situation?"<br/><br/><br/>In your case, your house&nbsp;appraised at&nbsp;280,000, which likely means you can borrow up to $224,000 on a cash out (conforming), which should knock out about 35k - 40k worth of credit card debt, or $238,000 (fha), which would knock out another 9,000.&nbsp; Sounds like a great proposition if you can qualify!&nbsp;&nbsp; FHA might be a better bet because it will often allow for higher DTI, they are more expensive than conforming though.<br/><br/>Feel free to click on me and get in touch if you'd like another set of eyes on it.&nbsp;&nbsp; I'd be happy to try to figure it out for you.&nbsp; It's not uncommon for one lender to approve another's denial.&nbsp;&nbsp; And we can figure out if it will likely work or not before you order another appraisal or have to invest more money in it.&nbsp; &nbsp;<br/> Wed, 31 Oct 2012 19:05:00 GMT http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ 2012-10-31T19:05:00Z Cancelled signing with current ... http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ Cancelled signing with current bank.So im back on "what are my options" Wed, 31 Oct 2012 04:48:00 GMT http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ 2012-10-31T04:48:00Z Hey Joe.Read my post ... http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ <p>Hey Joe.Read my post again.</p> Wed, 31 Oct 2012 04:46:00 GMT http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ 2012-10-31T04:46:00Z Something does not seem to ... http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ <p>Something does not seem to add up.&nbsp; You make $230k per year and only need about $15-20k for the credit cards, yet your DTI is 60%.&nbsp; Are you sure the people you are talking to are doing the math correctly or is there a lot of other debt that I am not taking into account.</p> Mon, 29 Oct 2012 14:37:00 GMT http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ 2012-10-29T14:37:00Z Not selling.Just signed papers ... http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ Not selling.Just signed papers for a refi of existing balance.Im going to save about 200 dollars a month.Can i still apply for a heloc or hel?All i need is 15-20000 dollars. Mon, 29 Oct 2012 14:25:00 GMT http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ 2012-10-29T14:25:00Z Why do you think you won't ... http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ Why do you think you won't qualify for the HELOC?<br/><br/>I guess I don't understand feeling cheated.Although you have a bit of equity in the home, ultimately, it is the bank's money that you want. Couple that with the fact that the bank knows full well that if they were to have to re-take possession, or foreclose, it would cost them a fortune to do so, and the home might not be in the best shape or easy to sell at the top of its value. And they are likely looking at you and saying, "your financial situation, your problem, not ours."&nbsp;<br/><br/>You simply can't force them to give you their money. Have you considered selling and paying things off? If you think you might consider that option, you wouldn't want to do a re-fi that will add to your balance. Sun, 28 Oct 2012 22:06:00 GMT http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ 2012-10-28T22:06:00Z I was thinking of a heloc ... http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ I was thinking of a heloc but im not sure if i would qualify.I understand if the bank gives me the cash to pay off cc i could charge it all back.But if it saves me 5-600 a month i would not have&nbsp;a reason to charge.I mean i have equity and they wont give it to me to help my financial situation.I feel somewhat cheated. Sun, 28 Oct 2012 20:22:00 GMT http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ 2012-10-28T20:22:00Z Why would the bank want to ... http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ Why would the bank want to increase it's exposure by allowing you to take additional equity out to pay off debt that you can charge back up? Sun, 28 Oct 2012 16:45:00 GMT http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ 2012-10-28T16:45:00Z Can you get a home equity ... http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ Can you get a home equity line of credit, HELOC? If so, does the refinance lower your payment&nbsp;enough&nbsp;to be worthwhile? Sun, 28 Oct 2012 16:34:00 GMT http://www.zillow.com/advice-thread/Hard-time-getting-refinance-with-cash-out/466234/ 2012-10-28T16:34:00Z