Cash out refi
How much is typically allowed in a cash out refi? Is it something like 75% of equity in the property? So if you have 25% equity in a $1M home, you can take .75($250K)=$187.5K? I know that 75% can vary by lender but was just curious if that is how it works, and what is the most common amount lenders will let you take. Thanks in advance!
Raj