Cash-out Refinance How-To

[Mel K.]

Hello Everyone,

I know this is a newbie question, but can someone please break down the steps toward getting a cash out refinance for a property paid off in cash? What are some requirements lenders typically ask for? Is it far different from a conventional loan in underwriting? Or is it easier to get than a conventional loan? I understand some banks will look for 6 months in reserves for the property. Does this reserve amount only count monthly P&I, taxes, insurance, and maintenance? I would appreciate any insight in the matter. Thank you.