Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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Thank you for that input. i had not heard that before. how would something like that be determined? I've never heard of borrowed money being taxable like that? (of course it is New york state :) )
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Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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Thanks, and I probably should note to anyone else who has input, that I am:
in my primary residence. not looking to sell. just want to re-fi my paid for home for cash for home improvements and...
Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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In certain situations it can such as cashing out and then selling the house. For most this would not be an issue since they have little equity, but the possibility exists. I almost ran into this...
Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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I found this article below. Explains it a little.
http://www.homeloanbasics.com/articles/RefinancingAHome/AreProfitsfromCash-OutRefinancesTaxable
Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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Careful with the cash out - this might be counted as income and subject to income tax.
Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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Hi,
NY closing fees do vary by County as you will incur NY State Mortgage Tax.
Cash out is NOT considered income as it is your equity.
I am going to PM you with some more details.
-Adam
Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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Cash out refinance in New York
Im looking at a 15 yr, 3.25 of 170K that there will be $4800 in fees = 900 Lender, 400 appraisal, 3rd party charges 2700. Bank attorney 800.
Does that sound...
Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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Ah, the article is referring to any PROFITS from a cash out.
The article is a little confusing as the cash out you may receive from a cash out is not taxable; but if that money is used to make money...
Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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dealgate,
Upon a sale there are IRS Capital Gains tax guidelines (which is directly related to acquisition vs sales price, less improvents and standard deductions), but I cannot fathom how anyone...
Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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For that loan amount, those fees are actually quite good. Rate does seem a little high, what will be the LTV of your loan?4
Cash out from a refinance has never counted as income, where did...
Mortgage fees for cash out refi ?
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Thread created 01-29-2012 by magicka
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The only additional underwriting condition for a cash out transaction is a borrower letter of explanation for what the cash out will be used for. They just want to hear that you are not using the...
