What are my options for getting equity out of a rental property

[Chris Turek]

Hi, I’m a new member and this is my first post so thanks in advance for your help.  I have rental property in NJ that I owe about $750,000 on and its current value is about $1,300,000.  It’s 2 unit and I was living in it initially so my rate is 3.75%. I purchased it over 5 years ago.  I’m considering purchasing another property to rent out.  I would like to get an idea of how much equity I can take out of this property and what type of loan to use.  I would hate to refi and give up that rate.

Thanks

Chris

[Phillip Davis]

I was told by my lender that huntington is the national leader in investment properties helocs and one of the few bigger banks that will. I am working with a huntington in michigan currently that will do a 75% ltv  heloc on one of my rentals and no appraisal or origination fees.