Skip to content
Mortgage Brokers & Lenders

User Stats

2
Posts
2
Votes
Jared Schweiss
2
Votes |
2
Posts

Refinancing 4 unit Primary into Invesment

Jared Schweiss
Posted Feb 4 2024, 18:45

Hello All,

I recently bought and moved into a quadplex 4 months ago. After renovating and renting three of the units (while living in the 4th unit), I am wanting to refinance to pull out some equity and lower the interest rate. 

I initially put down 20% on a primary residence loan. I am now looking to refinance into an investment loan so I can move out and buy a new primary residence to move into (utilizing some of the pulled-out cash as well). 

Can I refinance and pull out 85% and keep down only 15%? Or is 20% or 25% the lowest possible down payment on an investment loan? I understand I could do primary residence and do a 5% or even 3.5% down, but I do not want to be stuck living in the unit another year. 

Can someone recommend a lender they have worked with who would refinance for 15% if possible? 

I'd greatly appreciate any recommendations or suggestions on how i could go about this process differently. 
If more details are necessary let me know!

Thanks, 

Jared

Loading replies...