We’ve been in the mortgage business for a couple of decades, and with all of the changes that have happened, month after month… we sometimes get asked a question that you would think was a SIMPLE question… and we scratch our head and ask for time to research it.
When you are refinancing a FHA loan, you can get a CASH OUT loan, meaning you take cash out to pay for Education, or to Consolidate loans – or you might opt for a Streamline FHA loan. With the Streamline FHA loan – you are limited to a small amount of cash back at closing, usually less than $500.
You still have to pay your closing costs, although some of those costs can sometimes be rolled into the loan, paid out of the escrow refund you get from the original mortgage holder, or covered in part by the Mortgage Loan Officer (that would be us!). Having a “No Cost” refinance mortgage loan, however, is VERY DIFFICULT to coordinate with today’s lending requirements!
If you are considering a Refinance in Raleigh or Cary – please call us Steve and Eleanor Thorne, Mortgage Banker in Cary , 919-649-5058. We have the experience and the best mortgage rates!