Cashout refi if current rate is low? Also looking for lender recommendations

Classifieds
1yFollow

Cashout refi if current rate is low? Also looking for lender recommendations

Vi Huang
Member since 2023 · 14 posts · 4 votes

Would love to hear about any recent cash out refi deals people have recently done for their SFH rentals. Which lender did you use, what terms and rate did you get? I'm hoping to get cashout with a 30 year fixed, no points, no fees at the lowest rate possible. Not sure if it makes sense to do the cashout refi now since my current rate is low (3.125%) but would like to tap into equity to purchase more. If now isn't the optimal time, would love to get input on the best time to do the cashout refi.

0Reply
17 views

Most Popular Reply

Jack Matthias
Lender · Chicago · Member since 2023 · 176 posts · 70 votes
1y

I personally would never touch that loan.

1Reply
See this reply in the discussion

4 Replies

Jump to latestLatest
  • Taylor DaschBusiness Member
    Real Estate Agent · Temple, TX · Member since 2022 · 1k+ posts · 700 votes
    1y

    If you are at 3.125% I personally wouldnt do it but if the return on the investments you will do make sense then go for it. I would try @Jay Hurst He is on here and can give you quite a few options. Good luck!

    [email protected]254-718-4249
    Taylor Dasch | EG Realty560 Reviews
    WebsiteView Page
    0Reply
  • Brandon Croucier
    Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes
    1y

    Theres plenty of good lenders around BP who can get the job done,

    If your looking for absolutely no points no fees, your rates going to be significantly higher.

    Ask for a few different options and decide which one best suits your needs, no fees doesn't always end up being the best in the long term, as you are planning to save now but pay more later.

    In terms of opportunity cost, I think there are plenty of incredible opportunities in the market place, it is worth doing if the spread in interest is going to offset by the yield made in investment.

    0Reply
  • Jack Matthias
    Lender · Chicago · Member since 2023 · 176 posts · 70 votes
    1y

    I personally would never touch that loan.

    1Reply
  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 664 posts · 226 votes
    1y

    Hey Vi!  I'd say I have a similar sentiment, first instinct not to touch it.  However, how much is the loan and how much equity do you have?  If you can access a significant chunk of equity, and your current balance is low then it could still make sense logically to reinvest.  Depending on how much you're looking to pull out, FICO, ex. there may or may not be a no fee no point option.  The market isn't very favorable to investment cash out refinances, you get hit with a ton of loan level pricing adjustments.  Not something that will be changing too soon though.  If it'd be helpful to go through the scenario more to see some options, feel free to shoot me a message and we can work through that for you.

    [email protected]734-645-7722
    Gold Star Mortgage Financial Group548 Reviews
    WebsiteView Page
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free