Updated almost 6 years ago on . Most recent reply
Refinancing after a Renovation
After about a year I decided to renovate my condo using my own money. Original purchase price was $645k @ 3.375% over 30 yrs and ARV brings it to anywhere from $750k-$800k in value and I hear rates are lower.
I have no intention of moving anytime soon but would it be wise to refinance and take some cash out at this juncture? On the conservative side I figure even if it appraises for $750k and I use a 70% LVT I'd walk away with nearly $58,000 in my pocket after closing costs.
Sounds like a slam dunk. I think I just need someone to tell me I'm making sense.