c/cash-out-refi

My cash out refi nearly fell through because of a missed tax lien

I was closing on a cash out refi for my house in Portland last month and the title search found a $3,200 tax lien from 2019 that I never knew about. Turns out the previous owner never paid their property taxes and it stuck to the property. I had to scramble to get the county records fixed and pay it off before the underwriter would sign off. Has anyone else dealt with surprise liens popping up mid-process?

My condo appraisal came back $18,000 lower than I needed

I'm trying to do a cash out refi on my place in Phoenix to consolidate some debt, but the appraiser valued it way under what I was expecting. Turns out my neighbor's foreclosure sale from 3 months ago dragged down the comps. Anyone else deal with a bad appraisal and find a way to fight it?

Shoutout to the guy who warned me about cash out refi closing costs - I ignored him and lost $3,200

I did a cash out refi on my place in Phoenix back in March. First guy I talked to said the closing costs would eat up any savings. I thought he was just trying to upsell me on a different product. Turns out he was right. Between the appraisal fee, origination points, and title insurance I ended up paying $3,200 upfront. My monthly payment only dropped $85. That means it takes over 3 years just to break even. Has anyone else done the math and realized they got hosed on closing costs?

TIL how risky cash out refi can be if you don't check your credit report first

Last month I was dead set on doing a cash out refi on my house in Phoenix. I had a plan to use the money to pay off some high interest credit cards and maybe fix up the kitchen. But then I actually pulled my credit report and found a collections account from 3 years ago that I thought was paid off. It was only for $180 but it dropped my score enough that the rate they offered me was way higher than I expected. I almost signed anyway but my neighbor told me to wait and dispute it first. So now I'm sitting here waiting on the dispute to clear before I move forward, which is annoying but probably smarter. Has anyone else had a small old debt mess up their refi plans?

Found a hidden clause in my refi docs that saved me $2,400 in closing costs

Turns out my lender had a 0.5% fee for early payoff that wasn't on the first page, and I only caught it because my buddy at the firm told me to skim the fine print on page 8; has anyone else stumbled on sneaky fees buried in their paperwork?

Warning: my cash out refi almost got denied over a $35 tax lien I forgot about

I was wrapping up my cash out refi with Rocket Mortgage last week and the underwriter found a tiny $35 tax lien from 2019 on my property in Chandler. The previous title company never cleared it and I had to scramble to get a payoff letter from the county treasurer. Has anyone else had a small forgotten lien mess up their refi timing?

Hit $3,200 in cash out refi closing costs and almost walked away

I was gonna cash out refi my place here in Phoenix to pay off some credit card debt. My lender quoted me $2,100 at the start for closing costs. Then when I got the final disclosure it jumped to $3,200. That's like 40% more than what they first said. The extra came from appraisal fees and some title insurance add-on they didn't mention upfront. I almost said forget it right there. But I ran the numbers and my new rate was still way lower than my current one plus I'd clear $18k in debt. So I pushed through but I'm still salty about it. Has anyone else had closing costs balloon like that at the last second?

Refi'd my condo in Phoenix after 7 years, the appraisal came back way higher than I expected

I finally did a cash out refi on my 2 bed place near Scottsdale Road and it appraised for $85k more than what I bought it for in 2017. Used some of the cash to fix the HVAC and put new floors in, now I'm wondering if I should've pulled more out while rates were still under 7%. Anyone else see big jumps on their appraisals lately?

Talked to a loan officer at my local credit union who said cash out refi for $15k was smarter than a personal loan

My buddy the realtor told me to skip the rate lock, worst advice ever

So my friend Dave who sells houses in Phoenix said I was being paranoid about locking in my refi rate back in March. He kept saying rates were going to drop and I'd miss out on a better deal if I locked too early. I listened to him because he's supposedly the expert. Well rates went up a whole point over the next two weeks and I ended up paying way more for my cash out refi than I needed to. I should have just locked when my lender offered me 6.5% instead of waiting. Now I'm stuck at 7.25% on a 200k loan and that extra .75% is like 125 bucks a month down the drain. Has anyone else had a realtor or friend give them bad refi advice that cost them money?

Finally saw my home value hit $450K and it got me thinking

I bought my house in 2012 for $210K in Phoenix, just a basic 3-bedroom ranch. When I checked Zillow last week it said $450K and I honestly sat there staring at the screen for a minute. Has anyone else hit a number that just felt way bigger than you ever expected?

Hit a small milestone with my cash out refi today and honestly shocked myself

I closed on my cash out refi about 6 months ago and pulled $28k out for a new roof and some kitchen updates. Been tracking my payments on a spreadsheet just to see how it all shakes out. Today I realized I've already paid down over $4k of the principal just by adding an extra $200 each month. Has anyone else tried the extra payment method and did it actually save you a lot in interest long term?

TIL fixed rate cash out beats ARM for peace of mind

I compared a 30 year fixed cash out refi against a 5/1 ARM from two different lenders last month. The fixed rate was 6.8% while the ARM started at 5.9% but could jump to 8.5% after year five. I ran the numbers on my $180k loan in Austin and realized the ARM would cost me way more if rates go up. So I stuck with the fixed rate even though the monthly payment is $120 higher. Has anyone else seen a big difference between those two options?

Rant: Just learned cash out refi rates are way higher than I thought

So I was looking into pulling equity from my house in Atlanta to fix up the kitchen, and I nearly signed papers without checking the fine print. Turns out the average rate for a cash out refi is like 0.5% to 1% higher than a standard rate lock, at least according to Bankrate's latest chart from last week. I had no idea the spread was that big, I figured it was basically the same thing with extra paperwork. My lender didn't even mention it upfront, I had to dig through their disclosure PDF to find the exact number. Has anyone else run into this where the rate surprise hit you mid application?

Rant: My cash out refi appraisal came in way lower than I expected

I spent $600 on an appraisal for a cash out refi on my rental in Austin and they valued it at $285k when I was expecting at least $320k based on comps just down the street. Turns out they used a sale from 8 months ago instead of the 3 newer ones that sold closer to my house. Has anyone else fought an appraisal and actually gotten it bumped up?

TIL my roof leak was way worse than I thought after a cash out refi inspection

Last month I started a cash out refi on my duplex in Portland and the appraisal flagged a small stain in the attic. Turned out the previous owner patched a leak with caulk instead of replacing the flashing, so now I'm staring at a $2,800 repair bill before I even see the refi money. Anyone else have a surprise pop up during their refi process that threw off the timeline?

My cash out refi took 4 weeks longer than I planned and I'm glad it did

I started a cash out refi on my rental property in Cleveland back in March. The appraisal came in 15k lower than I expected, so I had to pause and fight it for nearly a month. Ended up getting it bumped up after sending comps from three similar houses that sold nearby. The extra time let me lock a lower rate when rates dipped in April. Has anyone else had a delay actually work out better for them?

Took 3 weeks to sort out a title issue from the 90s on a refi that should've closed in 10 days

The bank flagged an old lien release that was apparently never filed and I spent 14 hours on hold with the county recorder's office just to get a copy of a document from 1993, has anyone else had old title problems pop up out of nowhere like that?

Not sold on paying points to lower my rate

I did a cash out refi on my duplex in Portland 3 months ago and everyone I talked to said buy down the rate with points. I ran the numbers and with the 2.5 points they wanted it would take me 6 years to break even. I'm probably selling in 4 years so that made zero sense for my situation. Anyone else feel like points get pushed too hard without asking about your timeline first?

Compared a local credit union and Rocket Mortgage on a cash out refi and it wasn't even close

The credit union quoted me 6.2% with no points and $800 in fees, while Rocket came back at 7.8% with $4,500 in junk costs. Has anyone else seen that big a gap between a small lender and a big online place?

My buddy told me to refi for home improvements and I ignored him for 6 months

My friend Mark kept saying lock in a lower rate and pull cash out for the kitchen reno back in March. I waited until July, rates went up half a point, and now my payment is $80 more than if I had just listened. Anyone else kick themselves for not pulling the trigger sooner?

Took cash out refi on my duplex in Phoenix last month and just got hit with a surprise rate adjustment

I refied at 6.5% with a 30-year fixed but missed the fine print about a rate floor on my variable portion and now my payment jumped $210, has anyone else dealt with hidden clauses after closing?

Vent: People keep using cash out refi for credit cards and calling it smart

I work at a branch in Austin and last month I had three people in one week come in wanting to refi $60k out of their house just to pay off credit cards. They all thought it was a great idea because the rate was lower but nobody talked about closing costs or the fact they were turning unsecured debt into secured debt. One guy had already done it twice in five years. Have any of you seen people treat their house like a credit card and regret it later?

That whole idea of cashing out while rates are low isn't always the right move

I keep seeing people on here saying you should always do a cash out refi when rates drop. Last month I was looking at my 3.25% rate from 2021 and thought about pulling $40k out for home upgrades. My buddy in Austin did exactly that in March and now he's stuck at 5.8% on a bigger loan. I ran the numbers and even with the extra cash my monthly payment would jump $280. Sometimes keeping your old loan is smarter than chasing a few grand in cash. Has anyone else passed on a cash out refi even when the numbers looked okay on paper?

Just realized my appraisal took 3 weeks because of one missing form

I was trying to cash out refi on my duplex in Phoenix. The lender kept saying they were waiting on the appraisal report. After calling every day for two weeks, I found out the appraiser needed a signed interior access form that I apparently missed in the email. Three weeks total from application to appraisal finish for something that should have taken maybe 3 days. Has anyone else had a lender drop the ball on communicating what docs are actually needed?