Can I refinance a loan with another bank to the original amount if I need extra cash?
I have a loan that is paid on diligently every month. It is secured by a cd of the original loan amount. I would like to refinance this loan to the amount of the original security, take the cash, and keep my original monthly payment
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Answer by Windseeker_1
You can but it's up to each bank to decide... if you are talking about a car for example they likely will not because there isn't enough value in it to cover the risk of you defaulting on your payment. If you are talking about an investment loan or a mortgage that has security for the amount you want then they will bend over backwards for your business.
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