Rental Property Investor · Charlotte, NC · Member since 2013 · 491 posts · 253 votes
5y
@Ryan Copeland - at the time, a lot of places had shutoff cashout refi on investment properties and was better than my normal mortgage broker could get me. It was 3.75% on a 30 year, no points and cash out up to 75% LTV. The appraisal came in higher than expected and we were able to bump back up to the 75% LTV. They have online quoting that doesn't make you jump through all the hoops which is nice as well. (I have no affiliation other than being a customer)
Lender · Nationwide Lender · Member since 2019 · 391 posts · 140 votes
5y
There are many still doing them. The bigger lenders are usually not the route to take anyways. They have their positives and negatives, but with a smaller lender you can get more personalized one on one contact. And usually much better rates/costs. Where is the property located?
Rental Property Investor · Charlotte, NC · Member since 2013 · 491 posts · 253 votes
5y
@Jon Q. - I completed a cashout refi back in Sept as well using the online lender Aim Loans for a property here in Charlotte. Very smooth transaction with no surprises. They are still quoting cashout refi's on investment properties so definitely worth checking out
@Jon Q. - I completed a cashout refi back in Sept as well using the online lender Aim Loans for a property here in Charlotte. Very smooth transaction with no surprises. They are still quoting cashout refi's on investment properties so definitely worth checking out
There are many still doing them. The bigger lenders are usually not the route to take anyways. They have their positives and negatives, but with a smaller lender you can get more personalized one on one contact. And usually much better rates/costs. Where is the property located?
My wife and I just ReFi'd onto the "Life Changer Loan" and it has been awesome! It gives us access to 80% of our equity, and allows us to quickly to pay down principle. We're going to have our property paid off in 4 years, without changing any spending habits! I couldn't believe I hadn't ever heard of it on BP/Podcasts. I've been shouting it from the rooftops after our relator told us about it. I'd definitely recommend checking it out.
Thanks! I’m glad that works for you. But my life is pretty great, and even better not pre-paying loans that are at rock bottom rates... that makes no financial sense.
@Jon Q. - I completed a cashout refi back in Sept as well using the online lender Aim Loans for a property here in Charlotte. Very smooth transaction with no surprises. They are still quoting cashout refi's on investment properties so definitely worth checking out
@Jon Q. - I completed a cashout refi back in Sept as well using the online lender Aim Loans for a property here in Charlotte. Very smooth transaction with no surprises. They are still quoting cashout refi's on investment properties so definitely worth checking out
Lender · Phoenix, AZ · Member since 2018 · 440 posts · 256 votes
5y
@Jon Q. You're not understanding the concept, I'd just recommend that you educate yourself on the program. I was responding to your question about accessing equity :-)
Rental Property Investor · Charlotte, NC · Member since 2013 · 491 posts · 253 votes
5y
@Ryan Copeland - at the time, a lot of places had shutoff cashout refi on investment properties and was better than my normal mortgage broker could get me. It was 3.75% on a 30 year, no points and cash out up to 75% LTV. The appraisal came in higher than expected and we were able to bump back up to the 75% LTV. They have online quoting that doesn't make you jump through all the hoops which is nice as well. (I have no affiliation other than being a customer)
Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
5y
Thanks all!
Yes, well qualified. Plenty of income, cash flow. I’m looking for a traditional Fannie Mae cash out refi for my brother @ low rates. He’s @ 800+ credit, sufficient income, well qualified.
If you can offer this or know someone who can, please message me their full contact info, or list them here for everyone. Thx!
Investor · Raleigh, NC · Member since 2019 · 433 posts · 743 votes
5y
@Jon S. Cash out Refi banks are all over the place, might just have to get in at a more local level rather than the big banks. Try credit unions too, as they’re more flexible. You could also look into using a mortgage broker, who might have connections to several banks and available loan products.
Rental Property Investor · Inlet Beach, FL · Member since 2018 · 199 posts · 111 votes
5y
@Jon S.
Working on a few right now. Cash-out refinances are available.
Search for local lenders. We'll underwrite the loan to FNMA standards (conforming). Then eventually the loan gets sold over to a bigger mortgage company like Wells Fargo or Chase or Bank of America.
I've never had personal success with dealing with Wells Fargo or Bank or America directly when it comes to mortgages. I've always found better terms with local lenders (and then they usually offer me a job, haha!).
But there are tons of things that can derail a loan especially with new COVID guidelines and overlays. So nothing is a slam dunk. But very few instances become impossible so there's almost always a way to work it out.
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
5y
I am closing on two cash out refinances after lunch today. It is a local bank, but they are just brokering standard conventional Fannie mortgages. I am paying .125 premium on the interest rate over straight refinance. I believe anyone using Fannie would follow their underwriting standards. Maybe the issue is regional concern over property values. I would assume Wells Fargo is just reselling the mortgages, so I can't imagine they would care about long term property values. Interesting. Have your friend talk to other banks and let us know what you find out.