Question about refinancing

[Roger S.]

I have 2 homes that I bought as a package, one mortgage.   I have rehabbed one of them, the other is decent but does need some work.  Is there any way to refi the package together, going to a 30 year note and pulling out the equity of both homes?

I bought these right, 3 years ago. Paid 86k for the package, the rehabbed house now will appraise for 110k or more, the house that needs work could easily sell for 60k. That's 170k, at 75%LTV I could pull out 127,500, call it 120k after closing costs, my existing mortgage is about 65k.

This would keep my mortgage payment almost the same per month, pay off the house that needs work and put 55k in my pocket.

Doable?

[Richard Heine]

Good job. Yes, Put together a professional looking portfolio of your houses with pictures and clear numbers. Go to the current lender first. Then hit the street. Banks are eager to lend if the risk is safe.  For my last loan for several duplexes I used the BP tools and the loan officer was impressed. They don't normally see that effort. Better move now the rates are anxious to move up.