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Updated over 5 years ago,

Karli F.'s profile image
Karli F.'s profile image
Karli F.
Pro Member
  • Rental Property Investor
  • from Saint Paul, MN
  • Member since Oct 3, 2015
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User Stats

16
Posts
2
Votes
Karli F.'s profile image
Karli F.'s profile image
Karli F.
Pro Member
  • Rental Property Investor
  • from Saint Paul, MN
  • Member since Oct 3, 2015
Connect
Karli F.
Pro Member
  • Rental Property Investor
  • Saint Paul, MN
2
Votes |
16
Posts
Private Lending & Conventional Mortgage Advice

Refinancing to remove a co-buyer; how to keep loan ratio down?

Karli F.
Pro Member
  • Rental Property Investor
  • Saint Paul, MN
Posted

I need to refinance a house to remove a co buyer but I don't want to have a new 100% loan for the balance owed on my credit. Does it make sense to refinance for 20K more than amount owed, then applying those funds to the new mortgage?  For example, amount owed is 195K; new loan would be 215K with 20K out, but the 20K would be paid back to the loan.

  • Karli F.
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