Updated over 9 years ago on . Most recent reply
Cash out refi to buy next rental in Clemson SC
Hi, I'm a new investor in Clemson SC (graduated 2005) and I have a $100k paid for rental property in Anderson SC. I'm looking to pull 75% of the equity out to use as the down payments on future rental properties. Here are three options that the bank is offering on a 15 year fixed rate:
3.5%, $375 fee, -> $536 principal and interest payment/mo.
3.625%, $94 fee, -> $541 principal and interest payment/mo.
3.75%, they pay me $188, ->545 principal and interest payment/mo.
What do you think of these options? The bank is going to charge a $749 origination fee too. Does that sound high or normal? I haven't shopped around at other banks either. This is the bank that did the load on the rental (paid off) and my primary.
If you're in the Clemson area and would like to get together and talk about real estate, please let me know!
Thanks!