Posted on: 18th Jan, 2010 11:31 am
Rental property is not my residence. I was told that in Texas you cannot get cash out on a rental. Just wanted to confirm this.
hi guest,
as far as i know, you'll be able to refinance your current mortgage and cash-out the equity in your property up to an 85% ltv on a rental. if you take loans over 80% of the value of the property, then you would require a mortgage insurance. i would suggest you to contact your local lenders and check out with them once again. you may even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. this will help you know whether or not you would get a loan.
thanks
as far as i know, you'll be able to refinance your current mortgage and cash-out the equity in your property up to an 85% ltv on a rental. if you take loans over 80% of the value of the property, then you would require a mortgage insurance. i would suggest you to contact your local lenders and check out with them once again. you may even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. this will help you know whether or not you would get a loan.
thanks