Does anyone know of lenders with REFI of 90% or more LTV with cash-out in Seattle, WA area? Enquired with couple so far and haven't had much luck beyond 75-80%.
Can I ask who was offering 80%?
What ir the market dips value and you decide to abandon the property, then they have to spend to foreclose it and etc, where would they find funds to do that if they have only 10% leverage?
I've never seen anyone cash out that high. FHA will go to 85% on an owner occupied property.
But for investment you're looking at 75% for cash out and 80% rate and term max. Was it a portfolio lender that gave 80% ?
I apologize, as I should have been more clear in the OP. It's owner occupied, primary residence property...not an investment. Trying to avoid FHA due to additional insurance cost associated. Thanks guys!
If it's a primary. I would recommend saving yourself the finance costs and get a Home Equity Line of Credit. They will go up to 90% LTV on primary residence and current rates are as low as 4.5%. Best part, is you aren't charged interest until you actually pull the money out.
If your existing loan has mortgage insurance and/or interest rate above 5% then it could make sense to refinance into low interest @ 80% LTV, as long as you are considering holding onto the house for 5+ years. Then you can get a HELOC for up to 90%.
if I currently have an FHA mortgage with PMI, am I better served to look into a HELOC or try to refinance? I just bought with about $14000 in equity, and I am renovating to gain another $30-40k.
Thanks guys for all these inputs.
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