Cash Out Refinance Rates?

Question

Interested to do a cash out refinance on my rental property.  I currently have 3.875 fixed 30 year.  I was wondering if I can get any rates lower. What’s the going rates to refinance investment property?  The rental property is in California. Thanks in advance.

Daniel Kim · Answer

I just did a cash-out refinance on one of my California rental properties from Sep-Nov and it was at 3.5%. I would assume it depends on your credit, equity, etc. My mortgage broker also went with a bank who she thought could get the job done (as opposed to the very lowest rate and dragging it out forever). I actually found her off of BiggerPockets so let me know if you want her info.

Rajesh M. · Answer

Hi @Daniel Kim

I just sent you a DM for your lenders contact info. Thanks

Don Cornell · Answer

Hi, I am currently closing at 2.94%, next week.

Daniel Kim · Answer

@Andrew George Dennis I only got 60% LTV. I actually wanted to use the cash for closing costs on my other two refinances so 60 was enough for me. Higher would have required me to go with different banks who would take longer to close...

Andrew George Dennis · Answer

Hey Daniel, what was your LTV?

Steven Foster Wilson · Answer

Some of the deals I found on the market, but it was very competitive in getting. Other deals I have cold called and gotten sellers to sell off market. Other ones have been pocket listings from agents.

A lot of people think that there is no way people would sell their stuff at half value, but honestly some people just want out, don't want the headache, and money isn't the most important thing to them.

Ho-Fan Kang · Answer

@Belinda Mata shoot me a DM and I’d be happy to send you the details!

Belinda M. · Answer

Wow!  That's a pretty good deal.  I have about 58% LTV.  Just wondering do you have the info of your lender?   Thanks.

Ho-Fan Kang · Answer

No points. At 60% LTV I was able to get credits for cash out so it cost even less to close.

Belinda M. · Answer

Just curious the quotes you were given, did it include points or they were 0 point?  Thanks.

Cash Out Refinance Rates?

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