Updated over 6 years ago on . Most recent reply
VA Cashout Refianance
Just looking for some advice. Thinking about utilizing the VA cashout refinance for 100% LTV. In doing this I would lower my interest rate from a 3.75% to a 3.5% and only add about 150$ to P&I on my mortgage.
Should I A) Use the cashout to pay off my 2 auto loans @3.49%? This would free up $800 a month.
Or B) Use the cashout as a downpayment on my first rental property?
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Fort Worth, TX
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Tyler Carpenter what state do you live in? I'm not sure you can do a 100% VA cash out loan...but I'm not familiar with every state mind you. In Texas, you cannot do a VA cash out loan...at all. I would certainly suggest getting with a local loan officer to find out what is possible, then let's analyze the numbers to see if it makes sense.