Cash-out Refi on Primary Home

[Alec Johnson]

Hello,

I am looking to get my first investment property within the 1-3 months. I would like to cash out refi my primary home which is worth about $550K in order to use that money for the new property. Looking to invest around $350K for a property. When talking to a bank such as Chase or Bank of America or even a community bank. Should I avoid mentioning that I want to purchase an investment property? If so, what should i say that it is for?

Also, is it better to go with a bank or a mortgage company? Any help would be greatly appreciated, thank you.

[Tara Zellers]

Definitely go with a local lender that comes highly recommended. HELOC sounds like your best choice! Good luck! Let us know how your investment property purchase goes!!