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Updated over 5 years ago on . Most recent reply

Gaston Torres's profile image
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Gaston Torres
  • Rental Property Investor
  • from Phoenix, AZ
  • Member since Apr 26, 2015
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Gaston Torres's profile image
Gaston Torres's profile image
Gaston Torres
  • Rental Property Investor
  • from Phoenix, AZ
  • Member since Apr 26, 2015
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Gaston Torres
  • Rental Property Investor
  • Phoenix, AZ
0
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5
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Starting Out

Should I refinance and cash out home equity?

Gaston Torres
  • Rental Property Investor
  • Phoenix, AZ
Posted

Hello BP,

I own my primary home and have about 20% equity on it. 

i.e. Loan: $200k, House worth: $240k

Can I refinance it over the $240k? 

I could then pay off loan, and get the 40k equity in cash. 

Next I could use the $40k to invest in another house.

Is this a good idea? Thanks!

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