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Updated over 16 years ago,

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Private Lending & Conventional Mortgage Advice

Explain Refiing for cash out

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  • Residential Real Estate Agent
Posted

Say I own a rental property appraised 110k
I owe 83k on it

if I refi the loan at 110k does that mean that the bank cuts me a check for 27k and I now have a mortgage for 110k and my payments would go up. ( i initially had a starting mortgage for 85K)

I have never done a refi I just want to see if I understand how it works.

Thanks all

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