Cash Out Refinance on Investment Property (Post Covid)
Hello, this is my first post so thank you in advance for any guidance.
I have an single family investment property in Utah that I would like to refinance. The value of the home is between $400k-$430k and I currently have a loan balance of $180k. The home was purchased as a primary residence back in 2013 with an interest rate of 4.25%. I'm interested in a cash out refinance in order to pursue another investment property.
My question is, has anyone had luck refinancing in this economic environment? I've called a few banks and most are not offering cash out on investment properties. The institutions that have options either have high interest rates of 4.5%+ or the points are high.
Again, I appreciate any guidance. Thanks!
Most Popular Reply
@Sean Bailey Aaron Chapman with Security National did 40 cash-out refinances last month. He's easy to work with and has pretty competitive rates. I've not seen what his rates are on any of the refinances. Report back if you go for it!