Question by star: Has anybody applied for a mortgage refinancing to consolidate credit cards?
And if you had, did the mortgage people had to issue themselves the checks to the credit cards or you did? Thanks.
Best answer:
Answer by Dr. Deth
they would just give you the cash, but you would need to have at least 20% equity in the house after th refinancing – say you have a house worth 200,000 and your current mortgage balance is 150,000. (that is 25% equity (50,000/200,000) You could only refinance for 160,000 (80% x 200,000) and you’d only be able to cash out $ 10,000 minus any refinancing costs, points, closing costs, etc
What do you think? Answer below!
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