Need better Cashout refinance options

[Yuvaraj Vimawala]

I am a local investor in Austin area and implement the BRRR strategy. I use conventional brokers in the area to find a cashout refinance option. I am really tired of spending thousands of dollars on appraisals, surveys and title policies (that protect lender only). Not to mention hundreds of dollars in miscelllaneous fees - attorney, recording, tax, credit cert. The brokers always "estimate" fees in good faith, and they never turn out to be lesser actually. I also see so many title endorsements ordered on the policy. When I challenge any of the fees, I get bounced around between broker, lender, title company, survey, or appraisal company. I also spend about 6-8 weeks for each refinance and provide tons of documentation. Is there any better option out there for quick cashout refinance or line of credit based on my portfolio?

[Chris Mason]

You can pick the most efficient lender you've worked with, and she or he will already have much of your paperwork. Take it out of Closed Loan File A, put it in New Loan File B.

In terms of the rest, time is money and money is time. Any residential mortgage broker can open the dozen spam emails we get a day from hard money and portfolio folks that want minimal paperwork, they just bump your rate 2%+ and do it on an ARM.

If you want the killer rate, however, then it's got to be a fully documented a-paper loan with all the little boxes checked.

A third option would be your friends. Your buddy Jack can lend you a few hundred grand, if Jack wishes to, under whatever terms you and Jack negotiate, to the extent allowed by law.