Cashout Refinance interest rate/LTV

[Dennis Osendowski]

Looking to take advantage of low mortgage rates and also get some equity out of a rental property.

I imagine since now is the time to do it lenders are swamped and may have higher expectations. Just want to see if anyone has had success recently.

Looking to get 75 to 80% LTV. One lender said highest they would go is 60%. The next lender said 75%, but would be at 5% interest and paying a point. Thought that seemed high pretty high.

Anyone else do a cashout refinance recently? What was the LTV you were able to get? What about interest rate?

Thanks!

[Chris Mason]

Cash out refis aren't priced to move right now. Lenders are perfectly happy not to do them. You've got to really want it to move forward. 

Reason: Fannie and Freddie announced a significant bail out for lenders a week ago. Cash out refinances were excluded from that bail out.

https://www.cnbc.com/2020/04/22/coronavirus-relief-fannie-and-freddie-to-buy-loans-in-mortgage-bailout-program.html

An independent mortgage broker in your area will be able to help find what lender has the "least crappy" pricing without you having to call 30 or 40 different banks and go through 30 credit pulls and 30 hour long conversations, etc.