Updated about 4 years ago on . Most recent reply
Having trouble with my cash out, please help
I am trying to pull money out of a property that is completely paid off and I'm running into issues. My normal institutions would not do a home equity or cash out for a rental, so I decided to try Rocketmartgage (RM). RM set everything up for me to get $60k, but the property just appraised for $73k (disputing this as comps have sold for $85-$100k). Once the appraisal came back, RM increased the closing cost by $3k, so now it's almost $7k closing cost for a $60k loan. Oh and they would only do a 12 yr loan period, 15, 20 or 30 years was not an option. I'm about to call it off, but before i do, does anyone know another option? Do you think i would have better luck with a local bank? Note, I'm willing to take to a smaller loan (i.e $50k which is 70% of the appraised value), but RM said that is too low for them.
Philip