I am refinancing my mortgage with money I am getting out. I was told by the lender that they cannot give a fifteen or twenty year loan because I am getting money out. Is this true?
There is no regulatory requirement that would restrict your loan terms when you are taking money out of your equity. Different lenders offer different loan programs and this may be a restriction on a program they have. Ask why, and what other products may be more suitable for you. If they don't provide an acceptable answer, call another mortgage lender.
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There is no regulatory requirement that would restrict your loan terms when you are taking money out of your equity. Different lenders offer different loan programs and this may be a restriction on a program they have. Ask why, and what other products may be more suitable for you. If they don't provide an acceptable answer, call another mortgage lender.
