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Updated over 8 years ago on . Most recent reply

Jonathan S.'s profile image
Jonathan S.'s profile image
Jonathan S.
  • from Philadelphia, Pennsylvania
  • Member since Apr 29, 2016
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Jonathan S.'s profile image
Jonathan S.'s profile image
Jonathan S.
  • from Philadelphia, Pennsylvania
  • Member since Apr 29, 2016
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Jonathan S.
  • Philadelphia, PA
4
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10
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General Real Estate Investing

Cash Out Refi-thoughts?

Jonathan S.
  • Philadelphia, PA
Posted

Hi All,

Need some advice, bought a owner occupant duplex for 160k; put near 25k into it. Terms: 30yr 3.5%, 0 down(VA loan), rent covers mortgage. I have the option for a 100% cash out refi at 3.375% locked in today. Zillow est value at 215k/Redfin at 205k. Mortgage would go up about 200 per month. Purpose would be to payoff CCs and help save up for a SFH rental.

Maybe should wait to get more equity out? Hate the idea of deeper debt but cheap money imo. Thoughts?

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Brent Coombs's profile image
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Brent Coombs
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  • from Cleveland, Ohio
  • Member since Jan 20, 2015
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Brent Coombs's profile image
Brent Coombs's profile image
Brent Coombs
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  • from Cleveland, Ohio
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Brent Coombs
  • Investor
  • Cleveland, OH
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Brent Coombs
  • Investor
  • Cleveland, OH
Replied

@Jonathan S., in order to answer Joe's questions, you will firstly need to find out what your LENDER appraises it at (ie. NOT Zillow)! You might find you don't have any extra equity yet?...

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