Cashout Refinance Advice

11 Replies

Is it better to do a cash out refinance with a higher interest rate if the lender will go up to 80% or lower interest rate if the lender will only go up to 70%? Roughly a 1 point difference.

You're in Buffalo? Contact Trustco bank.. I just COR my owner occupy at 89.5%. They will also COR an OO duplex at 95%

This is a Non owner occupied. Trustco wont lend this far out. Thank you for the referral though.

80% @ 6 or 70% @ 5

I think it would depend on how long you hold the property and what you were to do with the 10% delta proceeds. What's your plans with the place?

Hold indefinitely. Use funds to eventually purchase another.

Hi Ryan, I also Looking to cash out refi on my first property which lender are you using?

Haven't made a decision yet on lender. Waiting for advice at the better Avenue to take bet yet to get any

anyone? Seems like a common question but I was not able to find a previous posting.

If it were me and I would be holding it indefinitely, I would do the 70% at 5 because the market is hot right now and it's hard to find deals so there's time to recoupe the 10%. It really depends on your goals though, if you can line up another property and you need the capital then you should do that 80% at 6. There's not really a right or wrong answer for the information you gave.

Since it sounds like you're holding long term, unless you really need that extra 10%, I would think it would be better to go with the 5% rate.

ok thank you guys

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