Mortgage Blog

cash-out loan refi

April 26th, 2011 9:32 AM by Eric Fang

Lenders will be more strict on cash-out loans,
especially high-balance rental cash-out.

Some clients ask whether they can get rental
cash-out for a high-balance loan. The answer
is that it's almost impossible to get it without
paying high fees.

Let me explaian here, Fannie Mae charges 2% for
rental rental cash-out; 2.375% for high-balance
cash-out. So you will not pay any points if the
lender can pay as high as 4.375%.

Any fixed programs can do that, and the rate
will be higher.

And when you decide to do a cash-out. You will
have to do it twice. The 1st time with very high
rate and 6 months later, do a regular refinance.

Posted in:General
Posted by Eric Fang on April 26th, 2011 9:32 AM



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