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A comment on U.S. mortgage interest rates jump to 6.52%, highest since mid-2008. Parent comment

Re:U.S. mortgage interest rates jump to 6.52%, highest since... by reggedtorespond on Wednesday September 28, 2022 @12:35PM (#33009975)
You cannot do a cash out refinance if you don't already have a mortgage on the property. You can do a home equity loan or line of credit but those come at higher interest rates than a refinance.

But yes the real winners are almost always those who have ample resources.

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Re:U.S. mortgage interest rates jump to 6.52%, highest since... by endisneigh on Wednesday September 28, 2022 @12:41PM (#33010045)
did something change? normally even on a home you own outright you can get up-to 80% of the appraised value difference
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Re:U.S. mortgage interest rates jump to 6.52%, highest since... by Sohcahtoa82 on Wednesday September 28, 2022 @01:45PM (#33010865)
You're confusing terms.

That's a home equity loan, not a cash-out refinance.

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Re:U.S. mortgage interest rates jump to 6.52%, highest since... by endisneigh on Wednesday September 28, 2022 @01:53PM (#33010959)
I'm not. You can do something similar with a home equity loan, but you can also do a cash-out refinance. The main distinction is that a refinance, like a mortgage on a home you don't own out-right has a better rate than a home equity loan or HELOC
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