Loading…
9
Talking to my sister in Phoenix about her cash-out refi made me question my own plan
She pulled $85k to fund a major kitchen remodel, but now she's worried about the higher monthly payment with current rates. Anyone else get cold feet after seeing a friend or family member go through it?
3 comments
Log in to join the discussion
Log In3 Comments
ericb666mo ago
A cash-out refi is a different move than just getting a lower rate. Her situation doesn't really change the math on your own plan.
2
hannah_wright6mo ago
Wasn't there a whole article about this in the Journal last month? It said people often mix up a simple refi with a cash-out, and the long-term costs get way bigger than they planned. The example they used showed how pulling out equity for a pool added like twelve years of payments back onto the loan. Makes you see them as totally separate choices.
4
cameron4166mo ago
Yeah, watching someone close to you get that stressed can totally mess with your head... My buddy did something similar for a pool and now he's always talking about the bill. Makes you double-check your own spreadsheets for sure, even if your numbers are different. That worry is real.
2