We (gay couple, double income, no kids present or future) were able to purchase a home in cash with borrowed family money; we want to cash out refinance (always in plan) to pay back lump sum and save rest for upcoming projects. We already have 125k in liquid savings with just as much in stock investments. We have major upcoming projects on the house - roof and windows and exterior siding and landscaping.
Cash out refi 30yr fixed at 6.75; approx 50% value of what we paid for property. This mortgage would be about what we used to pay in rent. Is this smart when interest is escalating? Or should we wait…
Submitted October 05, 2022 at 03:47AM by marriedintomoney https://ift.tt/9PK2VIy
