Cash Out Refinance Options
Hi,
We own a property in Columbus Ohio free and clear and want to BRRRR it (cash-out refinance). We are all in about $85k and it is worth around $120-130k. It is currently rented for $1350 a month.
We are looking to refinance and my parents (partner on the deal) do not want to go with the option presented:
Local mortgage lender: will do a cash out refinance (80% LTV) but wants to do closing costs, title, etc (+- $5k), which my partners don’t want to do.
Does anyone know a good bank/service who will give a basic line of credit without having to go through putting a mortgage on the house? Is this possible?
Pros and cons?
Thanks in advance!
-
Home Inspector
- National Property Inspections