Cash out re-fi - Texas bank or credit union to recommend?

[Marie Shaug]

Any one in central Texas have a bank or credit union you would recommend for a cash out re-fi?  What is the average interest range currently?   Thanks!  Appreciate the imput.   Marie

[Andrew Postell]

@Marie Shaug always a question many of us investors have - where can I get money!  And as an investor, you should certainly have multiple options.  Sometimes a property may not fit even the best of lenders....always have options.  Now, while interviewing lenders there are some pretty important items you should be asking about when it comes to investment property financing:

Questions for Lenders

1. When do you start using rental income to help me qualify? (the answer needs to be immediately)
2. When do you start using “After Repair Value” on my property?
3. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
4. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
5. Can I change title to my LLC?
6. Do you sell your mortgages?
7. What is your loan minimum?
8. Can you explain to me what your reserve requirements are?

And while all of these questions may not pertain to your immediate scenario I would highly suggest to STILL ask them because these are test questions.  And we are testing our lenders to see who will be the most flexible with investors.  So if they can answer those questions properly, then it's a good indicator that our loan will run smoothly.

*WHEW*  I know that was a lot of information but feel free to ask anything additional that you may need.  Someone else might be looking for the same answers too.  Thanks for posting!

@Michael Mullins thanks for even thinking of me!  Greatly appreciated sir!