Posted by Charles Clark on January 07, 2003 at 23:06:20:
I can only give you a general answer, because there are so many factors involved in lending, but generally, you can borrow up to 90% of the appraised value of your home. Be sure to check out the pre-payment penalty, stick with 1 year if that is an option.
Charles Clark
neiloans@hotmail.com
Refi on rental property? - Posted by weltonsc
Posted by weltonsc on January 07, 2003 at 20:09:20:
I am very new at this. I have a rental property as a result of divorce, and don’t know what to do with it! Right now, I have a good tenant. I have about $18,000 of equity, but only $40 a month in positive cash flow. But I don’t have reserves in case the house is vacant or needs repairs. I’m wondering if I should hold onto it, and try to get a refi with cash out to pay my credit cards. Is this even possible with rental property? Because if I sell in within the next year, I will have to pay capital gains tax and won’t have much left. Any advice?
Re: Refi on rental property? - Posted by Becki Coltharp
Posted by Becki Coltharp on May 23, 2007 at 07:26:14:
I have HUD Manufactor home, I need to refi. The intrest is climbing and I need it fixed. Thanks.