Most lenders can approve a cash-out loan up to 80 loan-to-value ratio. So a homeowner who has 30 equity can take up to 10 of that equity in cash with a cash-out refinance. Cash-out refinance rates are slightly higher than no-cash-out loans. The difference is about one-eighth of one percent.
In numerical terms, it is 0. 125 or about 10 more per month in interest for every 100,000 borrowed.
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The loan officer will discuss with you the percentage of the value of the land that may be offered. Be prepared to consider around 50 percent of the value of the land. (Example: If the actual value of the land is 60,000, he may offer you 30,000). Also, be prepared to discuss the loan's purpose. If you are paying off other debts, your debt ratios will be improved. The bank would look favorably at this.