Rental Property Investor · Philadelphia, PA · Member since 2017 · 9 posts · 2 votes
I would like to do a cash-out refinance on my primary residence in the Fishtown neighborhood of Philadelphia. Looking for any recommendations for a good bank or broker in the area? I owe $177,000 on a renovated 2 bedroom home worth at least $255,000. I would like to use the funds to make it a airbnb, and buy a house hack to live in.
Specialist · Atlantic City, NJ · Member since 2013 · 431 posts · 170 votes
7y
@Charles Prem we used TD bank and expected the same range on the appraisal (800sq ft 2 bed fishtown). Well it didn't come in that high. if it comes in at 255k you would be able to pull 25kish and have to pay all those closing costs. For us it was worth it because we eliminated PMI and didn't owe as much. Maybe a second mortgage?
Does Airbnb do well in Fishtown? From looking online it didn't seem that great vs a yearly rental
I would like to do a cash-out refinance on my primary residence in the Fishtown neighborhood of Philadelphia. Looking for any recommendations for a good bank or broker in the area? I owe $177,000 on a renovated 2 bedroom home worth at least $255,000. I would like to use the funds to make it a airbnb, and buy a house hack to live in.
How good is your mortgage rate now? We got 3.6 on our primary residence that is why refinancing made no scene for us since the rates are higher now. That's why we decided to go with a HELOC with fixed rate of 3.99, 3 year draw period and 10 years amortization. No closing costs.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
7y
@Charles Prem Bigger Pockets does have state specific forums too. Feel free to post this in the Pennsylvania forum if you need some more local voices to weigh in. Sounds like you have some good suggestions already but just a thought. Good luck!
Lender · Augusta, ME · Member since 2014 · 55 posts · 21 votes
7y
@Charles
Have you considered doing an equity loan as opposed to refinancing the entire loan? Much lower closing costs so you can keep more of your money. Especially if your rate on the existing 1st Mtg is decent.
Philadelphia · Member since 2018 · 29 posts · 3 votes
6y
Hey @Charles Prem what did you end up doing? I'm interested in doing a cash-out refi on my home in West Kensington at some point this year so I'm curious what your experience was like.