First Cash Out Refinance
Hi Everyone,
My house zillows for $242,000, Some of my lenders have valued it at this amount when financing my other properties. I bought it at the bottom of the market a few years ago, and as such the loan balance is only $110,000 plus a $26,000 HELOC I used to buy another property. The main loan was FHA and as such, comes with a nasty $111/mo PMI. It's at a 4% rate.
Currently the total payment for both mortgages, including taxes, insurance PMI, everything, is $1035/mo. By my calculations, if I refinance to a conventional loan at 4% and at 95% LTV, I'll have a payment of $1067/mo and 90 grand in my pocket. With this 90 grand, I can buy myself about $1800 of free and clear monthly cashflow, which is HUGE for me right now.
I've looked a few places and haven't found anyone who does cash-out refis for 95% LTV. For instance, my mint.com account says "No Loans Found". I have a 750 credit score and good W-2 income.
Can anyone who has gotten one of these recently point me in the right direction?