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Updated almost 5 years ago on . Most recent reply

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20
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7
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Nick H.
  • Somewhere warm
7
Votes |
20
Posts

Cash-Out Refi to pay off high interest debt?

Nick H.
  • Somewhere warm
Posted

Looking for some advice. I'd love to get into REI, however I feel like my high interest debt is weighing me down. I'm continuing to pay it off as much as possible but feeling stuck. Considering the COVID situation, looking to take advantage of the low rates and also get rid of debt.

Here's my situation:
1st mortgage: $101,xxx
2nd mortgage: $38,xxx
CC debt: $38k
Loan debt: $20k
Zillow 'Zestimate Range': $228k - $252k

My local CU lists up to 95% for cash-out refi. 

Assuming low end value of $228k / 95% would be around $75k.
Assuming low end value of $252k / 95% would be around $98k.

Most Popular Reply

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4,876
Posts
2,466
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Jaysen Medhurst
  • Rental Property Investor
  • Greenwich, CT
2,466
Votes |
4,876
Posts
Jaysen Medhurst
  • Rental Property Investor
  • Greenwich, CT
Replied

I would be absolutely shocked if you could get a cash-out refi with 95% LTV, @Nick H. Have you confirmed that product is still being offered with the CU? 

  • Jaysen Medhurst
  • Loading replies...