this might seem like a dumb question and probably impossible, but i had a 30 year mortgage with one of the big banks, and a few years ago i paid off the mortgage after about 8 years. i actually kind of regret it since i want the liquidity and would be wondering if i could get my mortgage and the funds back? one would think nothing has changed from the banks perspective, if anything im more credit worthy since i proved i could pay it off lol. but i doubt this ever happens or could happen cause no one would do it.
Get mortgage back after paying it off?
byu/AlrightChat inRealEstate
Posted by AlrightChat
14 Comments
What are you talking about?
You could do a cash out refinance and essentially get a new loan (at current rates and terms).
You cant just “get your old mortgage back”
You get a new loan bro ..
LOL
No, that makes no sense. You’d get a new loan.
You could get a HELOC, but if you don’t have an income, that could be a problem.
You can’t get an old loan back, you could take out a new loan using the house as collateral.
just hit control + Z and i think that will do the trick
You can always get another mortgage (if you qualify), you don’t get the same mortgage back. A mortgage is just a way to take out a loan against the equity in a house. Sometimes you use that money to buy the house from the seller, sometimes you use the money to make improvements to the house, sometimes you spend it on hookers and blow.
This is why in general they recommend that you don’t pay off your mortgage actually, it’s one of the lowest interest ways to borrow money.
Get some roommates
Very funny you are. No, what you do is refinance the house with another bank. This is super super common.
Do not put your house on the line when you have no income. Get roommates, do Uber, uberEats, etc to get thru but dont do that, you could end up homeless.
Bro the lack of house payment is likely huge for you as you look to get a job.
That said, you’re a cautionary tale for paying off a low rate mortgage.
The lack of job is definitely a change from bank perspective.
Why are you asking here?
Go start shopping Mortgages.
It’s literally that easy.