Get your cash-out refi now! Before February 1

Refinance applications remain less than a third of the market. Mortgage rates today are lower than October 2022 highs but would have to decline substantially to generate robust refinance activity.

Beginning February 1, under new rules, cash-out refi’s, which many lenders still relied upon in 2022, will be more expensive and harder to get in 2023. That is why you will not see online lenders saturating the market as they were in 2021 and 2022.  These companies are gone.

In October, the Federal Housing Finance Agency (FHFA) announced it will implement targeted increases to the fees for most cash-out refinance loans. Beginning February 1, 2023.

In addition, Freddie Mac said in December that when proceeds of a cash-out refinance are used to pay off a first lien mortgage, it must be seasoned for at least 12 months, starting on March 7. It means a borrower has to wait 12 months to get new cash out after buying a house, getting a rate-and-term, or getting a cash-out refi.  Home Equity Loans will still be available immediately after the home purchase.

“Cash out refi’s are more expensive. United Wholesale Mortgage ‘s CEO, Mat Ishbia, said in a video. “At the same time, equity in homes is the highest it’s been out there. On average, $92,000 of equity per homeowner in America.”


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