Deborah Acosta
speaker
109 appearances
2 recordings
1 series
first heard May 2021
last heard Jun 2021
Deborah Acosta’s voice in public audio — every appearance, attributed to the second.
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Appearances
But it's important for people to take a step back and take a broad look at their finances.
Where are you in your life right now?
Are you just starting out and you feel like you can take on a new, let's say, 30-year fixed loan?
Or are you headed towards retirement?
These are things that you really need to look at to get a sense of how much you should take out, number one, and whether you should do it at all.
Once you've calculated what the equity is in your home, keep in mind that you can take out up to 80% of that equity in a cash out refinance.
As long as it's under the Fannie Mae limit, which is around $548,000.
you should be able to keep your interest rate fairly low.
If it's more than that, then you suddenly have a higher interest rate to deal with.
So that's something to keep in mind.
Also keep in mind that this is a new mortgage, so there's closing costs associated with it, which are usually around 2% of the loan amount.
So don't forget to include those fees in your calculations when you're determining whether or not this is right for you.
Right, JR.
So we saw this way back during the subprime mortgage crisis when home prices plummeted and people had been, quote unquote, using their homes as ATM machines to pull money out.
A lot of those people were left in a situation where their homes were worth substantially less than what they now owed home.
on their mortgages.
Because they had done these cash-out refis or HELOCs, they'd pulled equity out of their homes when prices were high, then prices plummeted and found themselves in this underwater situation.
What's worse, because the economy was doing so poorly, a lot of these individuals, they just could not pay back these mortgages and lost their homes.
Thanks so much for having me, JR.
it is going to be quite difficult to get the house at the price that you were hoping for.
Showing 41–60 of 109 · page 3 of 6
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