Cash out Refinance - High Appraisal = More Cash Out?

[Lawrence Paul]

Hello again,

So, I am in the process of Cash Out Refinancing my one rental property at $175,000 estimated value.

Appraisal came back at $182,500.

Can I pull out from the $182,500 appraised value or do I need to stick with the $175,000 proposed value?

This is my first Cash Out Refinance, so any help would be great.

[Luciano A.]

@Lawrence Paul

Congrats on getting a higher appraisal on your rental. Usually, banks will give you 70-80% depending on the lender on appraised value. They will also look at the rent and make sure your rent can cover the expenses and mortgage. Your mortgage person will be able to let you know how much they will be willing to give. Just make sure your property still has healthy cash flow versus taking out all the equity.

Congrats again

Best of luck