Cash Out Refinance an Investment Property - Rates?

[Josh Gregory]

The details:

I have a single family with long term renters.  Lots of equity.  Current mortgage is about $120K.  Home value is somewhere in the $280k range.

I'm going to start talking to local banks, but I wondered if any of you have done something similar recently?  If so, what was your new rate, and did you do cash out, or simple refi?  Did you pay any points? 

[Forrest Faulconer]

Originally posted by @Will Fraser:

Hi @Josh Gregory, I love the move to redeploy that equity!

@Forrest Faulconer just did this in our market.  Hey Forrest, what'd your numbers look like in your cash-out refi?

Hey Josh! Now is the time to do a cash-out refi, we had about 105k of equity in our house, pulled out 75% of that, and was able to lock in a rate of 2.99% (our original rate was 3.875%). So we essentially pulled a good chunk of change out and lowered our rate, thus lowering our monthly payment around $120. Win-Win!

Forrest Faulconer