Am I the only one who thinks cash-out refi rates are getting ridiculous?

I tried to refi my house in Phoenix last month to pull out $40k for a new roof, but the rate they quoted me was 7.2% which feels insane compared to what I locked in at 3.5% three years ago. Now I'm stuck deciding between taking the high rate or just paying cash for half the roof and waiting. Has anyone else run into this and found a better way to make the numbers work?

2 comments

2 Comments

ellis.susan1mo ago

Stick with paying cash for half the roof and wait. Those rates are brutal right now and you'd be giving up that sweet 3.5% for nothing. Save up the rest over the next year and see where rates land before you lock into something that high.

drew_patel571mo ago

That 3.5% point you made @ellis.susan really changed my mind on this.