Updated almost 5 years ago on . Most recent reply
Cash out refinancing
I am almost done with an addition/comple remodel on my primary residence and am wanting to refinance it and get cash out to start the BRRRR process. I owe right at 100k and everything is telling me the home is going to be worth right at 200k when done. I think closer to 225k but I'm not getting my hopes up. My question is, instead of going to a traditional lender, and getting 80‰ (about 60k), could/should I go ahead and get a relationship started with a portfolio lender? I have heard that you can get 90%+ from some. I know it will be a little higher rate though, but this extra cash will open me up to tons more property options in my area. Any other advice is welcome.
Most Popular Reply
@Brad Campbell
I don't have options as far as the non-traditional lender, but you can always consider doing a HELOC after the refinance is done. I know some that will go up to 95% LTV.