Rates are falling - Posted by Jeremy FL
Posted by Jeremy FL on January 09, 2001 at 09:00:48:
Hello again and thanks to everyone for all responses. Sorry to post so much lately but I am trying to take advantage of the rates, not to mention the surge of new listings.
My questions is one that I am sure has been asked many times, but I could not find it in the archives. I want to cash-out refinance 2 of my rentals. What is the best LTV I can expect? And will they use the appraised value?
Here is my senario:
I bought a Single-Family home for 85,000 almost a year ago with my own funds and I have been renting it for almost a year. It should appraise @ around 120,000. I would like to take advantage of the falling mortgage rates and do a cash-out refi. in order to buy more property, of course. Will they look at my purchase price?
I have a contract pending on a duplex that I will be paying all cash for, how soon can I refi that one. Is there any type of seasoning required before a cash-out refi?
Sorry for all the questions. It’s just easier to get a straight answer on here, rather than spend all morning on the phone talking to people who don’t know what they’re doing.