Question On Cash Out From Investment Property

Paulnick9092

LoanSafe Member
Aug 22, 2010
32
0
6
Cave Creek, AZ
We live in Arizona and own an investment property (2 doors away) that is valued at 350K. The home is free and clear and we would like to borrow 100K against it. What type of loan, considering costs and interest rate, would be best? Any advise would be appreciated.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
Hi Paulnick9092,
Thanks for reaching out to us here at LoanSafe. There are multiple factors that will help determine what program is best for you and your family.

Here are some questions that I would ask:

1. What is your credit score?
2. What is the property type?
3. What are your ultimate goals with the property?
4. How long are you planning on keeping it?

These would help me understand what program would fit you best including the information that you have already given.
 

Paulnick9092

LoanSafe Member
Aug 22, 2010
32
0
6
Cave Creek, AZ
Hi Paulnick9092,
Thanks for reaching out to us here at LoanSafe. There are multiple factors that will help determine what program is best for you and your family.

Here are some questions that I would ask:

1. What is your credit score?
2. What is the property type?
3. What are your ultimate goals with the property?
4. How long are you planning on keeping it?

These would help me understand what program would fit you best including the information that you have already given.
1, 720 - 750 for wife and I
2. Single level family home 1918 sq ft
3. Long term rental
4. No plans to sell
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
Based on what you're telling me it sounds like a conventional loan option would be best simply because of your credit score. Do you have time to go over what you may be eligible for?