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 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.
Rental Property Investor · Montgomery County · Member since 2019 · 72 posts · 9 votes
4y
Thank you!
The property will still cash flow and rents have gone up so much in my area that my cashflow will actually be greater, despite the Cash Out Refinance, with the next contracts.