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Private Lending & Conventional Mortgage Advice

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Mel K.
  • Investor
  • Bradenton, FL
6
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25
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Cash-out Refinance How-To

Mel K.
  • Investor
  • Bradenton, FL
Posted Jun 26 2015, 08:32

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.

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