Timing for Cash out Refinance on Rental Home
Any insight into cash-out refinance rates on rental properties? Are there any Covid-19 related impacts of rates for new loans under 519K? I am considering taking out 150K cash to reinvest in a home worth 800K- current balance is 342K- 8 years into the 30 year loan. The current 30-year rate is 4.5%, new rates will be in the 3.8-4% range for a new 30 year loan.I will do more research and talk to professionals, but general advice is welcome. Thanks!
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Todd Dexheimer
#2 Multi-Family and Apartment Investing Contributor
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Todd Dexheimer#2 Multi-Family and Apartment Investing Contributor
#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
Rates are very low. LTV is the biggest think I am seeing taking a hit. Expect smaller LTV, but it sounds like that won't be an issue for what you're trying to take. Credit requirements will be tighter as well.