Cash out refi

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Zach Edelman
Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
3y

Most DSCR lenders will be able to do this for you at 75% LTV assuming a decent DSCR + FICO score. I would recommend looking into what DSCR lenders have the best reviews/reputation, selecting a couple, and then reaching out to them for quotes, and picking the one you trust the most with terms you like.

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  • Jay HurstBusiness Member
    Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    3y
    Quote from @Geoffrey Robinson:

    Hello Biggerpockets,

    I have a duplex worth about 375K. I owe about 225K. I am interested in doing a cash-out refi. Do you have any recommendations of lenders with the most competitive rates/terms in Oregon? 

     @Geoffrey Robinson    How long have you owned the property? 

    Hurst Real Estate, INC4.991 Reviews
    WebsiteView Page
    1Reply
  • Geoffrey Robinson
    OP
    Member since 2022 · 37 posts · 16 votes
    3y
    Quote from @Jay Hurst:
    Quote from @Geoffrey Robinson:

    Hello Biggerpockets,

    I have a duplex worth about 375K. I owe about 225K. I am interested in doing a cash-out refi. Do you have any recommendations of lenders with the most competitive rates/terms in Oregon? 

     @Geoffrey Robinson    How long have you owned the property? 


     3 years

    0Reply
  • Caroline Gerardo
    Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
    3y

    Non owner if the market value you state has comparable sales in past three months you have $56000 available less expenses.

    Title, settlement, recording -2200

    appraisal                             - 700

    rent survey                          - 150

    loan fees                             -995

    points depend on what you choose but non owner minimums are about 1.5 - 2%

    leaves about $47700 cash  without prepaid interest, taxes and insurance

    Is that cash amount going to be enough to compensate for a higher interest rate?

    Can you qualify full documentation with IRS returns?

    0Reply
  • Geoffrey Robinson
    OP
    Member since 2022 · 37 posts · 16 votes
    3y

    These are all good points. That's not a log of cash when it's all said and done.

    0Reply
  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    3y

    @Geoffrey Robinson- thanks 1) if you live in the property - max 75% LTV ...if you dont live in it the max ltv will be 70% and pricing will be higher 2) good luck

    0Reply
  • Zach Edelman
    Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
    3y

    Most DSCR lenders will be able to do this for you at 75% LTV assuming a decent DSCR + FICO score. I would recommend looking into what DSCR lenders have the best reviews/reputation, selecting a couple, and then reaching out to them for quotes, and picking the one you trust the most with terms you like.

    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Geoffrey Robinson:

    Hello Biggerpockets,

    I have a duplex worth about 375K. I owe about 225K. I am interested in doing a cash-out refi. Do you have any recommendations of lenders with the most competitive rates/terms in Oregon? 


     Possible. Is this your primary residence? Can you show 2 full years of tax returns to qualify? 

    Is this property leased out? If so, what are you collecting in rent? FICO is also key to get the best terms. 

    Besides shopping for the rate, make sure you have a clear cut view of the lender you are working with. I have seen it time and time again where a lender overpromises, and can't perform. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    3y
    Quote from @Geoffrey Robinson:

    Hello Biggerpockets,

    I have a duplex worth about 375K. I owe about 225K. I am interested in doing a cash-out refi. Do you have any recommendations of lenders with the most competitive rates/terms in Oregon? 

    Call 20 credit union located 20 miles from your property. ..
    0Reply
  • Geoffrey Robinson
    OP
    Member since 2022 · 37 posts · 16 votes
    3y
    Quote from @Carlos Ptriawan:
    Quote from @Geoffrey Robinson:

    Hello Biggerpockets,

    I have a duplex worth about 375K. I owe about 225K. I am interested in doing a cash-out refi. Do you have any recommendations of lenders with the most competitive rates/terms in Oregon? 

    Call 20 credit union located 20 miles from your property. ..

     Can you clarify what you mean by this?

    0Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    3y
    Quote from @Geoffrey Robinson:
    Quote from @Carlos Ptriawan:
    Quote from @Geoffrey Robinson:

    Hello Biggerpockets,

    I have a duplex worth about 375K. I owe about 225K. I am interested in doing a cash-out refi. Do you have any recommendations of lenders with the most competitive rates/terms in Oregon? 

    Call 20 credit union located 20 miles from your property. ..

     Can you clarify what you mean by this?


     1. open yelp.com
    2. search "credit union" located in portland,oregon ; for example
    3. open their website, one by one, check the offering, and call every single of them
    4. you would find many credit union that has way better offering than online/nationwide banks.

    Usually, there's always one or two credit union that always has the best rate for a loan, and also one or two that has the best rate for investment/CD rate,etc..... 

    1Reply
  • Geoffrey Robinson
    OP
    Member since 2022 · 37 posts · 16 votes
    3y
    Quote from @Carlos Ptriawan:
    Quote from @Geoffrey Robinson:
    Quote from @Carlos Ptriawan:
    Quote from @Geoffrey Robinson:

    Hello Biggerpockets,

    I have a duplex worth about 375K. I owe about 225K. I am interested in doing a cash-out refi. Do you have any recommendations of lenders with the most competitive rates/terms in Oregon? 

    Call 20 credit union located 20 miles from your property. ..

     Can you clarify what you mean by this?


     1. open yelp.com
    2. search "credit union" located in portland,oregon ; for example
    3. open their website, one by one, check the offering, and call every single of them
    4. you would find many credit union that has way better offering than online/nationwide banks.

    Usually, there's always one or two credit union that always has the best rate for a loan, and also one or two that has the best rate for investment/CD rate,etc..... 


     cool advise. I like that.

    0Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    3y
    Quote from @Geoffrey Robinson:
    Quote from @Carlos Ptriawan:
    Quote from @Geoffrey Robinson:
    Quote from @Carlos Ptriawan:
    Quote from @Geoffrey Robinson:

    Hello Biggerpockets,

    I have a duplex worth about 375K. I owe about 225K. I am interested in doing a cash-out refi. Do you have any recommendations of lenders with the most competitive rates/terms in Oregon? 

    Call 20 credit union located 20 miles from your property. ..

     Can you clarify what you mean by this?


     1. open yelp.com
    2. search "credit union" located in portland,oregon ; for example
    3. open their website, one by one, check the offering, and call every single of them
    4. you would find many credit union that has way better offering than online/nationwide banks.

    Usually, there's always one or two credit union that always has the best rate for a loan, and also one or two that has the best rate for investment/CD rate,etc..... 


     cool advise. I like that.


     If you are in my area, I could tell you which bank can give you mortgage less than the CD rate :) LOL.

    This time around is so funny, we have CU and bank that can give CD/saving rate higher than mortgage rate from another CU.
    For example, we have CU that could give 5.25% savings ; while the next CU is giving me 4.99% mortgage rate, that's simply crazy. Never happened before.
     
    Whoever invented those CU products, is really awesome.

    0Reply
  • Matthew Kwan
    Lender · Seattle, WA · Member since 2022 · 482 posts · 768 votes
    3y

    HI Geoffrey, we work closely with full time investors and make sure you're maximizing your borrowing power. Happy to connect and discuss your scenario @Albert Bui @Carlos Valencia

    1Reply
  • Chad Krober
    Rental Property Investor · OR WA ID CA AZ CO MT ND SD SC NV WY · Member since 2022 · 5 posts · 1 vote
    3y

    Hi Geoffrey,  

    We have a portfolio CO Refi NOO product up to 80% LTV with 2 years tax returns, 660 Fico, 45% DTI, with reasonable terms, which would leave you probably near 60K cash out ? Message me if you'd like to discuss more. All the best!

    0Reply
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