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Updated about 2 years ago,

User Stats

91
Posts
41
Votes
Bob Foglia
  • Investor
  • Phoenix, AZ
41
Votes |
91
Posts

Is a mortgage on a cash buy still a refi?

Bob Foglia
  • Investor
  • Phoenix, AZ
Posted

Relative newbie question here... I know if I wanted to refi my current mortgage (I don't it's 2.99%!), to pull cash out, that's obviously a cash-out refi... 

Is it considered the same if I were to buy a house for cash, and then wanted to get a 50 to 60% mortgage? It's not a refi, but it would be a cash-out transaction. Would that fall under the cash-out refi category? Or would it be considered a conventional first mortgage? And for clarification, it would be a primary residence, not an investment property.

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