Bank cash-out refi on rental

[Jonathan Roveto]

Hi all! I was wondering what is typical for banks when it comes to cash-out refis on rental properties (if possible). I have a property that I would bet could appraise for $130k and has about $82k left on the mortgage. It's with a big bank and is a rental SFH. Do banks tend to allow refis on rentals? What do they tend to let you refinance up to? If >80% LTV, do they require PMI? Thanks for the info!

[Aaron Howell]

You might only be able to get about $15K out of the refi and with closing costs that may not be much of an advantage.