Refi Cash Out for SFH Rental
Getting ready to refi out cash. Paid $135k recently to get quick sale.
I’m seeing mostly being able to get out 75% with slightly lower than 4.5 on 30 yr.
Any better scenarios like 85% cash out?
Home is in south Louisiana. Please advise.
Thx.
Most Popular Reply
@Josh Johnson The interest rate and term seem great! Anytime you can get below a 5% interest rate, fixed for 30 years, you're doing well.
As far as the 75-85% cash out, I work with the BP Federal Credit Union that gives me a 85% LTV but I know some do the 75% LTV cash outs. I would analyze my cash flow (I'm assuming your turning this into a rental) as sometimes it's best to leave a little more equity into a property so you cash flow better.
Best of luck!