My uncle told me to wait on a cash out refi back in 2019 and I'm glad I did

He said, 'Karen, rates are too high right now, just hold off for a bit.' I was in Phoenix and wanted to pull out about $50k for a kitchen reno. I waited, and by late 2020, I locked in a rate almost a full point lower. That advice saved me a couple hundred bucks a month on the new payment. Anyone else get a piece of timing advice that really paid off?

3 comments

3 Comments

johnrobinson1mo ago

Wait, you were going to pull out fifty grand just for a kitchen? That's a whole other house in some places. My reno budget was like a tenth of that and I still got new cabinets and counters. What kind of kitchen were you building, with gold-plated faucets?

lee_martinez971mo ago

Gold-plated faucets... yeah right. The real budget killer @johnrobinson is moving plumbing or electrical, that stuff adds up fast. You can save a ton by keeping your sink and stove in the same spots.

ramirez.blair25d ago

My uncle's reno had the toilet right next to the fridge.