If you are in the military and considering a refinancing of your home (or a cash-out loan), the article in Bloomberg Business –Finance Section (January 7, 2019) is a ‘must read’.
The article is titled “Selling Veterans on Cash-Out Loans’ (subtitle) “The VA is worried that refinancings could be subprime lending under a new name” (article edited by Pat Regnier)
“In a cash-out transaction, borrowers get a new loan for more than they owe on their current mortgage.”
According to an article quote: “A veteran with a $250,000 home loan who pulls out $20,000 in cash can easily end up paying more than $14,000 in fees…
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