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Updated over 1 year ago on . Most recent reply
Cash out refi rental?
I have a property that has increased a large amount and I am not sure if I should do a cash out refi as the majority of our money is in the property and the rate is super low. Property could appraise around 1.2 million.
Bought for $450k
Loan: $400k
Rate: 2.99 (28 years remaining)
Current line of credit of $200k out on the property via HELCO (9% interest)
Any advice is greatly appreciated.
Most Popular Reply
Jack Tulloch
#2 Mortgage Brokers & Lenders Contributor
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#2 Mortgage Brokers & Lenders Contributor
- Lender
- Austin, TX
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Jack Tulloch
#2 Mortgage Brokers & Lenders Contributor
Pro Member
#2 Mortgage Brokers & Lenders Contributor
- Lender
- Austin, TX
I would keep the 2.99 rate. That said, if pulling out the cash to use on your family is more important to you, then do that.