Forum search results for cash out refinance mortgage loans
Will i receive a 1099 for a cash-out mortgage refinance
I am refinancing my mortgage to consolidate debt. the current mortgate and heloc are listed in the mortgage documents, but the other loans, ie credit cards, student loans are not listed and will be paid from the cash i receive at close.
is the cash-out portion considered income that i will have to pay income tax on?. Read more
Unique situation refinance and cash out to down for a new home
I own a 2-family home worth 370k. i still owe 88k with 12 years left on a 15 year loan. i owe a family member 200k in loan. i need to pay the family member back now. can i (should i) refinance for the value of the home and pay off the family member with it? basically, i'm moving from a non interest family loan to a mortgage. i know that, financially,it's a disastrous move, but the situation is what it is. also, if i wanted to buy a new home and put this one up for rent.would it be wise to refinance for, say, 320k (200k goes to the family member, 88k for the remaining mortgage, and 32k cash out to down for the new home)? so in the end i would have one two-family home up for rent and a home i will reside in. i'm hoping the rent from the two family home will cover the new 320k 30-year mortgage and my income 126k/year (gross) will cover my primary home's mortgage. which leads me to another question, at that income level, how much home can i afford? thanks to any advice anyone can give. Read more
Cash-out refinance or second mortgage if second mortgagehome equity loan or heloc
My 2-family home is valued at 375k. i have 12 years and 88k on it left. my current loan is at a 4.9 interest rate. i need to borrow 220k and need it in lump sum. with todays rates being around 6.5 for a 30 year, i know refinancing is out of the question. which would be better for me, a hel or a heloc? what would my payments be for 30 years, 15 years? thanks. Read more
How do i refinance my mortgage
I wanna refinance a 30-year mortgage. i've been living in my house for a year and have a prepayment penalty of 2 years. two points. my loan is 80-20 and my monthly payment is 3600. how can i refinance a loan of 520 to get 20000 on cash and reduce my monthly payment?
price for the house has increased. i wanna know how does that affect the mortgage. is it good for the loan?. Read more
Do i need to report the equity "cash out" from mortgage refinance as income
I do my own taxes every year, but this year i have a question. i refinanced my mortgage in the spring. had a significant amount of equity and decided to "cash out" some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to keep in saving (so it's accessible, if needed). i know the government tries to take a piece of everything, but this is my money. it's not "wages" -- does that make a difference?. Read more
