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Updated about 5 years ago on . Most recent reply
Cash out refi 3 family non-owner occupied
I am getting ready to cash out refinance a property I bought all cash back in June 2018 in Springfield, Massachusetts.
I got couple of quotes. I cant find any quote lower than 4.25% with 750 loan processing fee and no points. It is a portfolio loan not Fannie/Freddie backed.
The property is not owner occupied.
Obviously other costs apply: attorney, title insurance, prepaids etc.
I have perfect credit and the property cash flows with debt.
Does anyone know any lender who can do better than 4.25%?
I was hoping for low threes in a zero FED rate environment
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Originally posted by @James Denon:
I am getting ready to cash out refinance a property I bought all cash back in June 2018 in Springfield, Massachusetts.
I got couple of quotes. I cant find any quote lower than 4.25% with 750 loan processing fee and no points. It is a portfolio loan not Fannie/Freddie backed.
The property is not owner occupied.
Obviously other costs apply: attorney, title insurance, prepaids etc.
I have perfect credit and the property cash flows with debt.
Does anyone know any lender who can do better than 4.25%?
I was hoping for low threes in a zero FED rate environment
Your hope for low 3's for a non owner occupied, cash out refinance is unrealistic. Take the 4.25 if it's still there and run.
Chasing rates will only make you miss the bottom.