Updated almost 3 years ago on . Most recent reply
Cash out refinance for house hack
I am currently house hacking a duplex and I owned it for 2.5 years. I am trying to get the equity out of it to get another multifamily. I am having difficulty getting a heloc because its hard to get these days. I am considering doing a cash out refinance even though my interest rate will increase. My current interest rate is 2.25% and I have 475k remaining on the mortgage. My property would probably apraise for around $600,000. Would it make sense to do a cash out refinance to cash to do another house hack?
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What LTV would you be able to get for a cash-out refinance? Seems like your current debt is already close to 80% of the property value.