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I have a rental property in the 20814 and want to get equity out. Possible in today's market. Interest only?

Tue Mar 4 2008, 08:39 - Bethesda - Market Conditions - 8 answers
 
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Perry
Just Looking
in Virginia
Perry, Just Looking in Virginia in Virginia
Answers (8)
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Donald J. Le… was FIRST TO ANSWER
Yes, it is certainly possible. The market is strong here and values are holding.

There are lenders still offering I.O. loans on non owner occupied.

I have a lender that still offers up to 100% CLTV on investment properties.

Carolyn

Sat Jul 19 2008, 04:02
Web Reference: http://buyandsellexpert.com
 
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Getting equity loan is not that hard. interest only is available as well. credit unions give you the best deal if you are a member of one, say, navy federal.
be aware that if market value of your house is declining, then amount of equity loan might be less then that you might think.
if you good credit, solid job, getting equity loan should not be a problem besides the vlaue of your home.

Sat Mar 29 2008, 06:56
 
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Call me @ 301-468-0900
Steve Abelman
FreeStar Financial

Fri Mar 28 2008, 07:34
 
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Steve,
Depending on the amount of equity You have in it, then You most certainly can. If you have not done so already, I would encourage you to contact Mid Atlantic Federal Credit Union for they have the most aggressive rates I have come across as well as minimal fees & they are a true pleasure to work with. If You would like to e-mail me I can send You the director of Lending's e-mail & I am certain that he will be able to help You.

Fri Mar 28 2008, 07:20
Web Reference: http://www.jdrrealty.net
 
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Perry,
I own a mortgage co in Rockville and am happy to help you. The loan will depend on your credit score and appraised value.
Steve
www.freestarfin.com
301-468-0900

Sun Mar 16 2008, 15:18
 
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Perry, as Patti mentioned, if you need to pull equity do it now! However, be careful and make sure you are not using your property as an ATM Machine to pull cash! Make sure before you obligate yourself with the mortgage, you can minimize the RISK for you and your family.

Is good to Consult with Patti and see your options.


Reza Khodadad
Real Estate Consultant

Tue Mar 11 2008, 10:50
Web Reference: http://www.RezaProperties.com
 
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If you are going to do it, do it now. This is the next thing to go, cash out for investors. A lot of mortgage investors are starting to pull out so the demand for these loans on the secondary market is going to dry up really fast.

Also, if you are able to do it, you will need a high credit score, lower-ish loan to value, and debt to income ratios.

If you are interesting in discussing it, feel free to drop me a line. patriciacshawgo@gmail.com

Best of luck!

Tue Mar 4 2008, 09:27
 
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FIRST ANSWER
I have done it. It depends on LTV, Loan to value. My bank gives me 80% of value.... if I owe lets say 60% of actual value then I can pull another 20% out by doing a refinance. - I have done this many times actually, but just remember to pencil it out and try to stay in the black with your rent to payment balance sheet. Also, "shop" the loan by comparing various lenders and what they will offer.

Regards,
Don Leske Sr / Property Management

Tue Mar 4 2008, 09:02
Web Reference: http://www.bci-properties.com
 
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