Cash out refi lenders and pricing

[Tony Ve]

I started a refi process in Q4 last year to use the proceeds for a new investment property but for various reasons wasn't able to complete the transaction, thankfully since rates have come way down. I was using Chase who holds the current mortgage. I've been happy with them as a lender and in my experience they are the best lenders and servicers out there.  Their rates were competitive too.  

Fast forward to today, and Chase is no longer in the cash out refi biz, at least not for investment props. So I went to Rocket and they are charging nearly 3 points!  Is this the new norm?  Does anyone know of other lenders doing cash out refis on rentals?

[Travis Turner]

Originally posted by @Luke Davis:

I'm a newbie around here, what are the "points" to which you are referring to. Is this points on your credit?

Points is the fee charged by the lender in relation to your loan amount.

1 point = 1% of the loan amount

So a $100,000 loan that's charging 1 point would be a $1000 fee