Investor · Kansas City, MO · Member since 2015 · 70 posts · 22 votes
I'm interested in refinancing my investment property in Kansas City, KS to pull some equity out for a new deal. It's currently at 60% LTV. I'm looking to refinance with a 15 year amort. and an interest rate in the high 4% or low 5% range at 80% LTV. Has anyone worked with a bank they'd recommend that offer a loan similar to this? In the Lawrence area preferably, but all of Kansas City and the Metro (lenexa, overland park, olathe) would work as well.
Gilbert, AZ · Member since 2017 · 119 posts · 101 votes
9y
with a 15 year amortization, you should be able to get much better than high 4's low 5's. I'm getting a cash out refinance right now at 4.875% on my investment condo with a loan under 100K for 30 years... If I was getting 15% I believe that would have been .5% lower
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
9y
you should check with some local mortgage brokers that have many lenders with more flexible rules. Most if not all banks will have the max cash out ltv at 75%. Brokers will look for a lender that can fund a higher ltv loan. Your rate will be higher when you go above 75% ltv.