Home Loans Radio 09.12.2026 with That Mortgage Guy Don- Good job Tampa Bay Rays and it is a Buyers Market!

Well, I guess, and that is the thought.

When you do a refinance, there are closing costs, right? And you need to have enough of a benefit.

I'm not sure what the benefit would be.

Are they saying they want to take cash out?

They want to do some improvements before the sale.

What I would probably lean towards then would be maybe a home equity line of credit.

And maybe

lower their rate, as they did mention.

Unless you've got a pretty high rate, you're not going to recoup your closing costs within 12 months.

So, if you've got an 8% rate or something like that, then yeah, it might make sense to do a refinance to get some cash out.

But I would say the majority of the cash out loans I'm seeing right now are not full refinances of first mortgages, especially if you've got a 2% or 3%, 4% or 5% rate right now.

Instead, you can do a second mortgage or a HELOC.

A HELOC stands for Home Equity Line of Credit.

I'd say probably the number one loan we're seeing right now on the refinance side are the home equity lines of credit.

And unlike many of the banks that require a 700 score to do a home equity line, we have several companies because we're a brokerage.

We have several that will go down as low as a 640 score for a home equity line of credit.

And that way you can get a smaller, you know, $50,000, $60,000.

You can... fix up whatever you want to fix up.

A lot of people are using them to consolidate credit card debt, which is at close to 30%.

You're probably paying 28%, 29%, 30% if you have your cards kind of maxed out.

So I had one this month.

paid off about $55,000 in credit card debt.

And that saved them the, the payment between the HELOC and what they were paying in minimum payments on the credit cards, save them a thousand dollars a month on their minimums.

Wow.

Yeah.

Well, I guess, and that is the thought.

When you do a refinance, there are closing costs, right? And you need to have enough of a benefit.

I'm not sure what the benefit would be.

Are they saying they want to take cash out?

They want to do some improvements before the sale.

What I would probably lean towards then would be maybe a home equity line of credit.

And maybe

lower their rate, as they did mention.

Unless you've got a pretty high rate, you're not going to recoup your closing costs within 12 months.

So, if you've got an 8% rate or something like that, then yeah, it might make sense to do a refinance to get some cash out.

But I would say the majority of the cash out loans I'm seeing right now are not full refinances of first mortgages, especially if you've got a 2% or 3%, 4% or 5% rate right now.

Instead, you can do a second mortgage or a HELOC.

A HELOC stands for Home Equity Line of Credit.

I'd say probably the number one loan we're seeing right now on the refinance side are the home equity lines of credit.

And unlike many of the banks that require a 700 score to do a home equity line, we have several companies because we're a brokerage.

We have several that will go down as low as a 640 score for a home equity line of credit.

And that way you can get a smaller, you know, $50,000, $60,000.

You can... fix up whatever you want to fix up.

A lot of people are using them to consolidate credit card debt, which is at close to 30%.

You're probably paying 28%, 29%, 30% if you have your cards kind of maxed out.

So I had one this month.

paid off about $55,000 in credit card debt.

And that saved them the, the payment between the HELOC and what they were paying in minimum payments on the credit cards, save them a thousand dollars a month on their minimums.

Wow.

Yeah.