I Regret My Cash-Out Refinance! What Should I Do With The Money?

I Regret My Cash-Out Refinance! What Should I Do With The Money?

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[waflletoast]

My man waited all his life to tell dave hes better than he deserves😅🤣🤣🤣🤣🤣

[herbertscott]

A loan is not "extra negative dollars.

[fretlon]

Treat the closing costs as the overhead to get the lower rate, then dump the money back on the house. My only concern here is since it's already invested in mutual funds what will the tax implications be. If he's seen large growth it might be worth sitting on it a year to avoid income taxes on it. If the growth is negligible then pull it and pay it on the house.

[chrisforker]

Who in the world pays 20k in closing costs on a refi??? Crazy

[SamEmara]

Dave is trying so hard not to be annoyed with him 😂

[jacobcrane]

Absolutely love watching your show! I'm Native and you guys changed my life for the better.

[josephrichardson]

Refinancing should only cost 1k. You shouldn't be permitted to charge someone 20k to pay you back money that is being borrowed. This system is f'd.

[iwillsurvive]

I refinance from a 4.125% to 2.75% and changed from a 30 year to a 15 year. I took no money out cause I hate debt.

[Oglulubell]

My mortgage company sends me daily emails about lowering my interest rate. It’s getting really annoying since I already told them no. Why would I pay another 12-15 grand to lower my payment by only 125 - 200 a month?

[ryanengland]

Wow closing cost 20k. I'm having a fit over 1300 in closing costs.

[pfeiffdog]

He asked if he should just pay it back on the house and when Dave said he should he didn’t like that answer lol

[investinstyle-financeinves]

Don't be prideful. Realize you made a decision you regret and undo it.

[mph]

20k to refinance? Come on, and he's worried about investing

[CertifiedTyrone]

Just found Dave after I signed a lease. I’ve been binge watching since then

[tmfo]

The lenders keep continuously sending me offers to cash out refinance. I don’t want to do it. I did do a refinance but an interest rate reduction loan where I said no to the extra money. No closing costs for me either.

[wesjimez]

Warren Buffett did that. He cashed in all the equity in his house and invested it. He made out in the end 10 times ovee

[trill]

I feel like it's only stupid because you didn't have a plan for the money once you got it.

[GabrielMartinez-sdpc]

Did I hear he spent $20k in closing costs!?!?

[DebtFreeDad]

I refinanced for a much lower rate and they assumed I wanted to pull cash out. I was like no bueno. SMH.

[BrandonMinguez]

The Dave answer will be to pay this debt down as quick as possible since it’s basically a lien on the home. There are people who take the money from a cash out refinance to buy real estate rental properties to build their wealth, but that’s definitely not for everyone. Same thing with investing it in a mutual fund. It’s trying to “out beat” the debt.