[reggedtorespond]

You cannot do a cash out refinance if you don't already have a mortgage on the property. You can do a home equity loan or line of credit but those come at higher interest rates than a refinance.

But yes the real winners are almost always those who have ample resources.

[endisneigh]

did something change? normally even on a home you own outright you can get up-to 80% of the appraised value difference

[Sohcahtoa82]

You're confusing terms.

That's a home equity loan, not a cash-out refinance.

[endisneigh]

I'm not. You can do something similar with a home equity loan, but you can also do a cash-out refinance. The main distinction is that a refinance, like a mortgage on a home you don't own out-right has a better rate than a home equity loan or HELOC