Review How Down Payment Assistance Programs WorkI recommend that you review your mortgage and grant documents to understand what happens if you do a cash out refinance, including if you are required to repay all or part of the grant. You should also determine if any repayment requirement depends on how long you have owned your property. If you have questions after reviewing your grant documents I recommend that you contact the grant provider to resolve the issue.It is also important to review your mortgage documents to confirm that your loan does not have a prepayment penalty. Although only a relatively small number of mortgages have prepayment penalties this is a key consideration when you refinance as you do not want to pay any unnecessary fees.Finally, we recommend that you contact multiple refinance lenders in the table below to find the best mortgage terms. Shopping lenders is the best way to save money on your refinance.
"Resources for Individuals." Grants. U.S. Department of Housing and Urban Development, 2020. Web.
"Understanding Cash-Out Refinances." My Home by Freddie Mac. Freddie Mac, 2019. Web.« Return to Q&A Home About the author