Hey all! What are my options on getting cash back for a refinance on an owner occupied 2 flat? I have 20% equity.

Asked by phil, 60622 Sat Jan 5, 2013

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Maria Cipoll…, Agent, Coral Springs, FL
Sat Jan 5, 2013
Shop around for a mortgage broker that can explore all your financial options and give the right advice base on your financial status, before you take a decision.

Best of Luck,

Maria Cipollone
Century 21 Tenace
2 votes
Joe Schiller, Agent, Chicago, IL
Sat Jan 5, 2013
slim to none is probably close
1 vote
Riccardo War…, Agent, Bolingbrook, IL
Tue Jan 8, 2013
85% LVT is the max cash out for an FHA loan. We would be happy to assist you if you need help.

Sean Cochran
Quality Mortgage Lending
0 votes
Carole Cooper, , Chicago, IL
Sat Jan 5, 2013
Historically the highest loan to values given by lending institutions comes under FHA lending guidelines. If you have owned your property (owner occupied 1-4 units) at least one year prior to the refinance you may be able to borrow up to 85% of the value. If you do no already have an FHA loan I would approach the current lender and inquire about that option for refinancing. If your current lender does not offer FHA loans, then you would have to weigh the option of a new lender that could give you a rate and payment that makes it economically feasible to refinance, and cash out some of your equity. The economic risk is depleting the current equity, and raising the current payment for cashing out. The positive spin is that you may be able to get a better rate, lower the payment and still receive some cash. It all depends on the lender, rate and appraised value.
0 votes
JIM Michaels, Agent, Chicago, IL
Sat Jan 5, 2013
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404. wjura@unitedequity.us
0 votes
Luke Wojcik, Agent, Chicago, IL
Sat Jan 5, 2013
Talk to mortgage broker but I think it going to be hard to cash out refi. Usually 75-80% LTV is max... Perhaps your house is worth more than you think??
0 votes
Manuel Brown, Agent, Chicago, IL
Sat Jan 5, 2013
Hi Phil,

Call Sam. The guys at Guaranteed Rate are great!
0 votes
Matt Laricy, Agent, Chicago, IL
Sat Jan 5, 2013
Its tough to say without more info. The best bet is to call a lender and give them everything they need. You should be able to find out from there.
0 votes
Jack Lewitz, Agent, Lincolnwood, IL
Sat Jan 5, 2013
Why do you need the cash? I think pulling out equity is not a good ideas. It just makes the investment more risky and you don't want that because you live there.

Just my opinion
0 votes
, ,
Sat Jan 5, 2013
You can receive up to $2,000 back at closing without the transaction being considered a cash out refinance. Otherwise you have limited options and most would result in mortgage insurance which may not be ideal. You may want to consider a HELOC - although this can be difficult with a 2 unit property.
I would recommend speaking with a loan officer to go over your options. It's free an there is no obligation.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes
David Hanna, Agent, Chicago, IL
Sat Jan 5, 2013
Michael Plating, Inlanta mortgage. more info is needed to really answer this question. Michael is one of the best when it comes to cash out re-financing.
Mike Plating (630) 842-3328 michaelplating@inlanta.com
0 votes
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