Cash out refinance help!!

[Bryan Rodas]

Hello, I'm currently trying to help my brother get a cash out refinance for his house. He bought his property like a year and a half ago, and since then, he completely fixed it. He even added an above the ground pool, rented the first floor. Now, we want to do a cash out refinance, and use that money for the down-payment of another house. Since this is my first time refinancing the house, I need help finding a good lender, any recommendation on what to do? Important things i should ask to them? Thinks thay i shoud consider? and also whats gonna happen to my first mortgage, can we do a cash out refinance even if we already have a mortgage?

[Tony Nardini]

You qualify for a cash out refinance the same way as when the property was purchased.  It will be based on income, liabilities, credit score and loan to value.  You will be capped at a certain ltv on a cash out refi based on the property type.  ie: 1 fam, 2-4 fam

I've been a lender in NJ for almost 20 years.  Let me know what questions you have and I'll be happy to answer them.