Good morning BP family,
A couple of days ago my cash-out refi fell through due to a low appraisal. I tried multiple banks and if they even returned my calls they pretty much told me I would not get anything out or very little from equity. I was wondering if anyone had some advice on what I could do next? My goal was to pull money from the current owner-occupied property located in Brockton MA in order to purchase another. I thought that maybe I could find a lender that did 85-90% ltv but that seems to be impossible now a days.
@Mckenzy D. You could check with Pen Fed to see if they would give you a Heloc. Alternatively you could find a private money lender.
@Mckenzy, Keep calling around. Smaller local banks and credit unions are more likely to work with you than the big ones, so keep trying. You won't get any equity out, until you do... And if this it were easy everyone would be doing it!
I will also second what @Brian suggested and suggest shopping around for a HELOC. I know those are drying up too, and taking a long time to close, but they're not completely gone. As a data point, I'm closing on a 100% LTV HELOC from Tower Federal credit union on Monday.
Best of luck to you!