Creative refinance?

[Barbara Martin]

I have had couple rental properties for a number of years, but would like to purchase more.  Does anyone have any creative ways to cash out equity on a refinance?  

BRB

[StacyKellams]

There's a list of mortgage brokers in the "links" section of this website. Give a few of them a call, I'm sure they'd love to help.

[Jane]

[quote
author=Barbara Martin link=; date=0]I have had couple rental properties for a number of years, but would like to purchase more.  Does anyone have any creative ways to cash out equity on a refinance?  

BRB[/quote]

If you haven't had any luck with refinancing your investment properties, I use a broker who is fabulous and very efficient with creative financing. Her name is Bonnie Hedstrom with The Hedstrom group.   Phone  972.612.3887; e-mail  hedstromgroup@aol.com.

Hope this is helpful!

[Admin]

Barbara,
You don't mention your location and it's not in your profile.  Are you in TX?  Refi's are treated differently by state so it is important.

On the chance you're in TX, I'll give you my understanding.  On rare occasion a loan officer may stumble across an 85% cash-out refi (COR), but the more typical scenario is 80%.  After you factor in costs you're likely looking at netting 77% or so of the appraised value.

It can be done with a 2nd lien or what seems to be more popular is a lender wanting the entire loan, so they pay off the current first and put their own first lien on the property.

If you wanted better LTV's, you could see if you can attract a private lender.

Will the properties still cashflow well if you refi?

Pulling money out can be a wise move depending on what you do with it and what you're left with.  I realize you probably know that, but others may not.

Anyway, hope it helps...

[dsconja]

Hey Stacy,

Where on the links page can i find a list of mortgage brokers? I had trouble finding it and wasn't sure if it is under a specific topic on the left hand side.

Also I would be interested on your opinion about using mortgage brokers. I want to be able to give a broker a set of criterias for a mortgage and for the brokers to hunt around for the best terms. Would you also know how much brokers are normally compensated?

thanks,
Bennie