Updated over 10 years ago on . Most recent reply
Cash out refinancing help
I'm looking for some extra cash and I came across cash out refinancing . I currently own a co op in Long Beach NY and my mortgage is for $150k at 4.75% and it was recently appraised for $210k after some renovations . This is where I stand and I wanted to figure out my options . How much cash can I get out of this deal and if possible can I get a mortgage for even more than what it's worth to put more cash in my pocket ? Or is it generally just 80% of the arv , and do different rules apply to a cooperative ? Any suggestions , tips , comments greatly appreciated .