I'm 30 years old an I bought a house a little over 2 years ago for 210k the loan currently has 195k left on it. It an 5/1 ARM with an inductory rate of 2.85%. After 5 years it will be 3.25% + Treasury Rate Max 1% a year / 5% max life-time.
House prices have risen heavily in my area and my house looks like it would sell for 270k minimum and up-to 300k max. My dental health has been horrible and affects my self-confidence and health(I am consistently sick). I make ~55k a year with annual raises capping out around 70k in 10~ years. I hate not being able to smile, and having a home isn't worth it to me over having a nice smile. I can get a home again the future but the longer I wait without the ability to smile the more of my life that I lose. The dental procedure I want to get is implant supported dentures which can vary in cost from 25k-50k. It is not possible for me to get a reasonable loan at the cost and be able to afford my mortgage at the same time because the term is always under 10 years. The only way I see that it is possible to do this immediately in my life is to either sell my home while the market is hot, and rent (my rent would likely be around or less than what my mortage was) or to find a cash-out refinance option and take on a lightly higher mortgage.
My questions are whether or not I can find a mortgage lender that will let me do a cash-out refinance, or if there are any other programs that are similar to this that will get me cash out of my house equity, OR is my only real option to just sell it for the crazy mark-up I've gotten over the last 2 years and rent.
Submitted August 14, 2021 at 08:48PM by personalfidental https://ift.tt/3lYTk70
