looking for a lender to do a cash out refi under 50K

[Mike S.]

I have a property I own free and clear and want to do a cash out refi for around 40k. Should appraise for around 60k I am past the 6 month seasoning period. I have found a local lender that can do it but the closing costs are way too high. If anyone can help me out on here I would appriciate it. 800+ fico.

[Chris V.]

I ran into a kind of the same thing a while ago. The fixed portion of the cost of doing a cash-out is just too high to make a REFI worthwhile for the lower amounts. So; have you considered a HELOC? That is what I ended up doing. 0 up front costs and 0 costs as long as you don't use the money. 10 years of interest only followed by 20 years of having to repay on principal. Only disadvantage is that the rate is not fixed, but IMO as a short(er) term solution it beats the hell out of a cash our REFI with a +-$3000 fixed cost at the loan amount you are talking about... Just sayin':)