Do you have to pay back the money from a cashout refi

Yes, Xavier, you are refinancing your home and increasing the mortgage balance. You will payback the amount of cash you received as part of your normal mortgage payment over the next 30 (or 20 or 15..) years of the loan.

Hi Xavier, Phil is correct. You pay it back as part of the higher mortgage loan that you have taken out against your home. Depending on your situation, your mortgage payment may go up, or it may be go down, but either way, you pay the money back. As to whether it is a smart way to handle college tuition--- this is really dependent on your specific personal and financial situation. I am happy to help you along with this and would suggest that you not only speak with an experienced lender, but consult with a financial planner. The lender and planner should be able to work hand in hand to help you determine what is best for you and your daughter. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Yes.. any money you borrow has to be paid back.. with a cash out refinance, or any mortgage for that matter, the home is used as collateral.. if you don't pay, they foreclose and take your home and sell it, then take the proceeds and apply it to what you owe.. However, I would say that doing a cash out refinance is not the best way to go about paying for college tuition.. you could cosign for student loans, and they typically have very low interest rates, but there's no application fees, and your not putting your house up as collateral. With a mortgage, it can cost you as much as $5000 in fees to refinance.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Yes, you will be automatically paying it back each month when you make your new mortgage payment, because you will have to increase your loan amount to receive any cash out. It's just a new 1st mortgage or a new 2nd mortgage. I would talk with a local loan officer to go over the options with you to see what would best fit your situation.