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Article: Should you refinance for extra cash? It depends
- Article from:
- Chicago Sun-Times
- Article date:
- October 9, 1998
- Author:
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Copyright informationCopyright 1998 Chicago Sun-Times. (Hide copyright information)
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WASHINGTON For thousands of American homeowners, the question of
the week is not whether to refinance their mortgage, but whether to
pull extra cash out when they do refinance.
Put another way: Mortgage rate decreases since the summer have
rendered the refi question a no-brainer for lots of people. If you
can cut your fixed mortgage rate from the mid- or upper-7 percent
range to the mid-6's at a cost you can recoup in 12 to 18 months,
then the answer is virtually always yes to a refi.
But what happens to the equation when you - like many other
homeowners - are tempted to take out extra money, beyond your current
total mortgage debt, to use for some non-housing purpose?
Say you have a ...
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