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Updated about 4 years ago,

Matthew Leal's profile image
Matthew Leal's profile image
Matthew Leal
  • Contractor
  • from Leominster, MA
  • Member since Apr 19, 2017
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User Stats

36
Posts
8
Votes
Matthew Leal's profile image
Matthew Leal's profile image
Matthew Leal
  • Contractor
  • from Leominster, MA
  • Member since Apr 19, 2017
Connect
Matthew Leal
  • Contractor
  • Leominster, MA
8
Votes |
36
Posts
Private Lending & Conventional Mortgage Advice

Cash out Refinance Massachusetts

Matthew Leal
  • Contractor
  • Leominster, MA
Posted

Wondering if these cash out refinance terms on a primary residence are good or if I should keep shopping around. Here are the round numbers. Any input is very much appreciated! 

Remaining on current mortgage - 172k

Current rate - 4.25%

ARV of property - 310k

New rate 2.99% on a 27 year loan.

12k in closing costs, which seems very high to me

Cash out 47k, keeping 25% equity in the home 

Raises mortgage payment by $137

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