istockCash Out Refi’s Might Go Away?
First and Foremost…
I just read an interesting report on how lenders may eliminate cash out refinances on conforming and jumbo loans. We have seen the “add” for cash-out refinances get super expensive lately. It appears the Federal Reserve doesn’t want borrowers pulling equity out of their homes. They feel home values may go down due to the negative impact of Shelter in Place and Covid-19.
For more info, see quote and link below:
“Many lenders have eliminated or restricted cash-out refinances, financing for investment properties and some for second homes as well,” Cohn says. “Jumbo lenders have also tightened their guidelines.”
https://www.cnet.com/personal-finance/6-things-to-know-about-refinancing-right-now/
Next…
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Best Regards,
Rob McCarthy
Senior Mortgage Advisor
www.101Loan.com
408-377-4123 o 650-465-8957 c 408-608-1921 f
101 Loan – 1601 S De Anza Blvd, Suite 260, Cupertino, CA 95014
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