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Updated 8 months ago,
Cash out Refinance or DSCR Single Family Rental
Hi, and thanks in advanced for your advice. We moved 4 years ago to a new home and kept our previous home as a rental. It has been rented out the past (4) years and has good equity. I would like to get cash out, but unsure of whats the best route. I understand the Cash-out Refinance, but just recently heard about DSCR Loans. Im in a suburb of Houston (Richmond, TX) and wondering what would be the best route to get cash out of the property? Mortgage remaining is around 85K and current value based on comps is right around 295k. Also the property rents for 2K and has good cash flow.