If you have 2 properties paid off what could you do ?

[Joseph Tarallo]

What can you do if you have 2 properties pad off and worth about 250 k each . I'm not talking about selling them either. Is there a way you can borrow money off them to put a down payment on another property ? Is that what refi is..?

[Scott E.]

Joseph -

Yes, that is basically what a refinance is. Awesome work having 2 properties paid off and valued at $500k combined!

You have a few options, and you will be best fit to talk to your local broker so he can evaluate your credit and income profile.

You can either take the cash out in a lump sum on fixed terms, or apply for a HELOC(Home Equity Line of Credit) which functions more like a credit card.

In either case, you will likely only be able to borrow up to 75% of the value, which in your case is ~$187,500 for each property.