Updated over 8 years ago on . Most recent reply
general refinancing question
If you own a house outright is it possible to refinance it if its a rental?
What if you owe less than half of what its value is?
Most Popular Reply
You can cash out refi a property that you own clean and clear, and you can cash out refi a property that you still owe money on. You would want to talk to a lender to find out what options they have available to you. Typically on a cash out refi for a non primary residence there are requirements like leaving at least 20-25% equity in it. Depending on the number of properties you have mortgages on you may have some issues doing this because many lenders require you to have 3 months of payments in liquid assets for properties 1-4 and once you move to 5-10 you need to bump from 3 months per property to 6 months per property. Be sure to talk with investor friendly lenders for best results. I highly recommend Rich Nunez over at AMP lending and also Helen Bernatek and her team with Guild Mortgage.
Good luck!