When trying to determine what current obligations you have, be sure to include any existing mortgages on the home, so this mean you’re first and second. In addition, consider any other debts you have outside of that. If you have a line of credit that was used for any other purposes other than repairs or appraisals, then this loan won’t be eligible to pay off.
Keep in mind that when you are looking at your payoff amount, the actual pay off is going to include any unpaid interest until the end of the month, and it will also include any early payment penalties. If you aren’t sure what that is and you just want to ask, be sure to call the servicer of your current mortgage and they would be glad to help you.
If you are looking to get cash out loan, then you can take up to 85% of your home’s value. That will allow you to even borrow on a property that you have owned for a year provided you don’t go over that 85%. Just keep these factors in mind so that you have a realistic expectation of what is going to happen during the process and what you will walk away with at closing.
-Mayer Dallal
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