Posted by Ed Garcia on January 09, 2001 at 09:50:08:
Jeremy,
Don’t be sorry for the questions that’s is what we’re here for. When refinancing NOO with CASH OUT, you can figure between 75 and 80% LTV, depending on what you’d be willing to pay in loan cost. On the second part of your question, it depend the strength of the borrower, the subject property and it’s location, and which lender you use. Some lenders will in certain conditions, require only 6 months seasoning.
Ed Garcia
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.