Reported 1 day ago
Cash-out refinance rates are generally higher than standard refinance rates due to the increased risk lenders associate with larger loan balances and reduced equity. Factors influencing your rate include your credit score, loan-to-value (LTV) ratio, and debt-to-income (DTI) ratio. You can improve your chances of getting a better rate by enhancing your credit score, maintaining low LTV and DTI ratios, and considering purchasing discount points. However, external factors like inflation and the prime rate also play a role in determining interest rates.
Source: YAHOO