My ex-husband and I are both co-borrowers on a mortgage. I want to re-finance the mortgage in my name only (I have excellent credit with a good debt-to-income ratio, so this shouldn't be a problem as far as my credit is concerned). I would like to re-finance for about $15,000 more than my current mortgage, so I can use the extra funds to "buy him out" of the mortgage. He has agreed to this. We currently have $40,000 in equity. Do mortgage companies allow you to have a higher mortgage and "cash out" the remaining funds (in this case roughly $15,000)?
2006-09-07
03:26:19
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7 answers
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asked by
Anonymous
in
Business & Finance
➔ Renting & Real Estate