Here is a great article by Tom Royce regarding Cash-In Refinancing. With interest rates as low as they currently are, this might be an option for a few people here in the Carpinteria, Goleta and Santa Barbara areas.
What is Cash In Refinancing?
Cash in Refinancing is the cousin of cash out refinancing that was all the rage in the early part of the century. With cash out refinancing you would refinance your mortgage to get money out of it to spend on other things.
With cash in refinancing you reverse the trend. Typically done by people who are slightly upside down on their mortgage, those that are doing a cash in refinance of their mortgage bring money to the table in exchange for getting a much better rate on their mortgage and saving money in the long run.
Who Would Do This?
Surprisingly, according to a report from Freddie Mac, 18 percent of refinances done in the first quarter of 2010 were cash in’s. If you are planning on staying in your home for the long term, the math makes sense. Lowering your interest rate will more than pay back your re-investment into the home. This especially makes sense if you have money sitting in a low interest savings account or an investment that you want to liquidate.”
- Google and Real Estate Search do not Quite Get IT!
- Sotheby’s Int’l Realty – Santa Barbara and Montecito
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For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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