Here's a new term for you: a Cash-in Refinance. It's not a recommendation, but an interesting concept whereby homeowners wanting to refinance their homes but having little or no equity actually contribute new funds at the time of the refi. It's one way to take advantage of the amazing rate environment we're experiencing, and there are scenarios where this actually generates a positive return.
Another approach, if you are slightly underwater, is to pay the difference on sale of your home, in order to preserve your credit while getting highly favorable loan terms and a great price on a trade-up property.
More info: Doubling Down on Housing - WSJ.com
-David
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