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Updated over 1 year ago on . Most recent reply

Chris Burke's profile image
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Chris Burke
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Chris Burke
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Chris Burke
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Mortgage Brokers & Lenders

Cash out refi rental?

Chris Burke
Posted

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. 

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Jack Tulloch
#2 Mortgage Brokers & Lenders Contributor
  • Lender
  • Austin, TX
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Jack Tulloch
#2 Mortgage Brokers & Lenders Contributor
  • Lender
  • Austin, TX
Replied

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. 

  • Jack Tulloch
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