Timing for Cash out Refinance on Rental Home

[Kate C.]

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!

[Kate C.]

Thank you Jason.It seems like a rule of thumb is to refinance if the rate drops to 3/4 point. I may keep looking for lower rates. anyone has done a recent cash out refinance on a rental- I would be curious to hear the rates and fees. Thanks for your time!