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Updated over 3 years ago on . Most recent reply
Considering a cash out refinance, looking for opinion on quotes
Currently have: 2.999% interest rate on 170K loan of 300K property, 30 yrs fixed (non owner occupied fourplex, purchased 2 years ago)
Thinking about this quote: 4.375% with 1% origination fee or 4.875%, 30 yrs fixed, cash out refinance, attempting to pull about 150-200K equity (estimating property value is now 425-450K) out to purchase newer SFH home or duplex to house hack.
The rents from fourplex total about $3100/mo.
My goal: To purchase a duplex to househack or SFH property to live in for a year with cash from cash out refi.
What are your thoughts on this? Do you think my situation could benefit from a cash out refinance? Does this quote seem to be in the good end for these types of loans?
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#5 Mortgage Brokers & Lenders Contributor
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Those are the about the Fannie Mae rates right now.
Whether to do it or not is really a math question. Can you make the cash out pay for itself and if the answer is a comfortable yes at those interest rates, then do it. In Newport News, check out Towne Bank and see what they're doing. You may be pleasantly surprised. I'd also look into a HELOC.