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Old 03-31-2016, 01:48 PM   #21
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Also, I have no other debts, just my mortgage.
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Old 03-31-2016, 03:19 PM   #22
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What ever works for you.....my problem would the higher interest rate on the entire mortgage that you pay over 30 years to get that 20K..you are going to need a higher return to break even due to that number.
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Old 04-01-2016, 08:51 AM   #23
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The interest rate on the new cash out refi mortgage, for whichever term I go for (30/20/15 years) is lower than my current mortgage.
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Old 04-01-2016, 09:05 AM   #24
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Of course, but the lowest rates are for the refi only not the cash out, which was what I was referring to...the cashout option will cost you more in interest. But I think you are looking for nods to the cash out and aren't really even considering the refi only, so I am going to stop posting to this thread now. Either way you are doing fine, so good luck, just as a point of interest, keep us posted on the 401 and some markets returns if you end up going that route.
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Old 04-02-2016, 09:32 PM   #25
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I would pick the loan with the lowest interest rate and skip the cash-out. Why pay more in interest?

I'd also select the term based on how long I plan to live in the condo. If I'm going to be there 10+ years, then I'd go with the 30 year loan. If it was a shorter time frame, I'd do a 5/5 ARM through PenFed CU.

But it sounds like you may have already made up your mind to take the cash.
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