Anybody who can help me refinance my property in Kenosha, WI?
I bought a duplex in February 2006 for 126k with seller concession and downpayment of 5%.
I repaired the property already for 13k and I would like to refinance and cash out 20k. Is this possible? I put new 2 new furnaces, repaired the foundation beam, replaced the carpet, paint, new vanities, toilets, drywall/plaster and pergo flooring. Pretty much everything is new. I would like to refinance, can somebody help me? I would say it’s worth minimum 150k now.
Thanks!
What about a HELOC. I’ve heard that banks are starting to offer those on Investment property. Talk to a mortgage broker in your area to see if they offer that. It may be cheaper than refinancing and you may be able to pull out more.
Cowboy,
Because you bought it so recently, the best you will be able to get is your purchase price plus the actual cost of the improvments to determine a value.
Actually Cowboy,
The financing you are eligible for can only be determined after knowing several other factors.
Your scores, income, assets…etc.
In general, there are refinance programs through a # of different lenders that offer no seasoning for the new value. The increase just needs to make sense.
Contact a mortgage consultant so they can discuss your personal info and investment goals.