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I have a rental property that needs windows and a roof, plus the interest rate is high.

Profile picture for Sherry662
I need to get some equity out of my rental property for repairs and I would also like to get a lower interest rate so that my payments are not so high.  What type of financing should I go for?
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1Yes

December 17 2011 - Bay City
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Answers (2)

Profile picture for Dmitrii M
It would all depend on the amount you owe and what the house appraises for. The borrower pays a premium for a cash out transaction depending on the loan to value. Since costs are higher on a refinance for an investment property, I have had borrowers take cash out of their primary residence.
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December 21 2011
Profile picture for wetdawgs
How much equity do you have in the property at this time?   In other words, what loan to value would you be describing?
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December 17 2011
 

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