Updated over 4 years ago on . Most recent reply
What lenders will do 15 yr refi w/cash out to purchase inv prop?
Just went through process of trying to refinance primary residence to get cash out to use as down payment on investment property. Lender wanted to see acceptance offer on investment property, but I haven't found the investment property yet so the refinance didn't close after waiting 49 days. The loan term was 15 yr @ 2.234 APR. Existing mortgage is $170k and new loan would be $450k with approx $275k cash out. This $275k cash out will not purchase a property in my area in Los Angeles, so will only be a down payment for a property that I would still need an 75-80% mortgage on. Any suggestions of lenders who will work with me that have good rates. My credit rating is excellent as are all the other requirements. Thanks in advance.