HELOC / Cashout Refi

[Wesley Weber]

My home is worth about 280,000, mortgage is at 211000.

Im looking into options to get some equity out and wanted opinions as well as recommendations on lenders. Home is in Florida. I was thinking about doing a refi to get rid of my MIP and then find a lender that will do a HELOC up to 90% (or more) any recommendations on lenders who do HELOCS at those percentages?

Also interested in potentially just doing a cash out refinance (not getting rid of MIP) if I can find one that will go to 90% or more LTV.

[Kerry Baird]

Get out your local phone book and start calling or looking online.  Local to me lenders (as of March) look like this:

Launch FCU 4.125% 80% LTV HELOC fixed 5.75% HELOC variable 4.25%

Space Coast FCU 10 yr fixed 2.75%, 15 yr fixed 2.875%, 30 yr refi 3.875%, 5/1/ ARM 2.875% 80% LTV

Bankrate online 30 yr 3.78%, 15 yr 2.87%, 5/1 ARM 3.27%

AIM Mortgage 95% LTV and cashout to 80% LTV

Investment cash out to 75% LTV, purchase investment property to 80% LTV