CASH OUT REFI WITH A PORTFOLIO LENDER

[Anna Catron]

Sometimes I feel a bit slow.  I've been reading and listening intently x 2 years.  We tried to refi last year but the appraisal came in waaaay lower than expected.  We would have paid about 4k for a 14k cash out refi.  Will a portfolio lender allow a larger percentage of the equity to be pulled out in a cash out refi?  Not sure why this didn't occur to me sooner.  

Thanks so much for your thoughts!!

[Andrew Postell]

@Anna Catron thanks for posting! Always great to hear from a fellow Texan - especially Fort Worth. Bigger Pockets does have some good state specific forums and Texas is their most active forum. Feel free to post there if you ever need some more "local" advise about things.

One of the main reasons I bring this up is because we have very different rules in Texas.  As suggested above you'll probably need a local person to provide some advise on this one.

Now, I'm assuming a lot here - I'm assuming the property is in Texas!  And maybe it isn't.  So if you could answer a couple of questions I think we can advise you a lot better:

• What state is this property in?
• Is this a primary home or an investment property?
• Is this a single family home or a 2-4 unit property?
• What is the value of the property?
• What is the loan amount you owe on the property?

I think that will help us give some good advice.  Thanks!