Best Cashout Refi rates?

Question

What are cashout refi rates looking like on primary residential these days? Anyone doing 85% LTV?

Robin Simon · Answer

I'm not as plugged into primary rates (vs. investor/DSCR) but there are a lot of HELOC / Closed End Seconds out there that are becoming very popular alternatives (especially if you already have a low rate mortgage) instead of full cash-out refinances and jacking up rate on all the debt

Andres Garcia · Answer

The best rate is, more than likely, the one that the property currently has.

Helocs and Second Mortgages can go up to a 95% CLTV and though it will have a higher rate than a full refi, its worth comparing the average blended rate vs a full refi at todays rates.

I wouldnt be the one to help you in Illinois but I can put you in touch with someone else within my company.

Derek Brickley · Answer

Hey Mario, it is near impossible to say without some more context.  Estimated value, credit, type of property?  An investor we are working with now was looking at high 6's for a cashout refinance, but his home is in a community lending area for discounted rates.

AJ Wong · Answer

HI Mario, on a primary you might actually be able to get to 90% depending on credit, income, property type and seasoning..rate might be more tolerable than you're thinking..@Joseph Chiofalo just helped a referral with a high LTV cash out refinance. They lend nationwide, definitely worth a check in. Cheers.

Alex Booth · Answer

I usually get 85% LTV with my local bank fixed rate for 5 years. But the rates are around 7.5% right now. If you can manage 80% LTV you can cash out refi with Fannie Mae with better rates.

Erik Estrada · Answer

90% Cash out Refi in this market? Is this a local bank?

Joseph Chiofalo · Answer

Hi Mario,

What type of property is it?  Single Family or multi-family property?

Best Cashout Refi rates?

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