What LTV % Needed For Cash-Out?

[Devin McGinley]

I owe 274k on my property getting appraised in the next couple weeks, sometime. The exact same floorplan just sold for 360k down the street. I'm thinking around 350k is what mine will appraise for. With that being about 78% LTV; would that warrant a cash-out?

Knowing would help me prepare and plan for my next property.

Thanks!

[Timothy Hero]

Value: $350k

Debt: $274k

Loan size based on 75% LTV: $262.5k

Closing cost: $6,500 (2.5% of the loan amount)

Escrow: 12 months (depending on the lender)

Cashing out is not an option. In fact, expect to bring $18k to the closing table.

There's lenders that'll do 80% LTV, but you'll still need to bring like $5k to the table.