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Cash out on two properties in Spokane

I own two adjoining properties in Spokane. I inherited both of them. If I want to do a cash out refinance on both properties, how do I do it? Will I have to refinance each property separately? by darlegrahm from Spokane, Washington. Feb 7th 2011 Reply

Rich Constantine (rconstantine)
#397 ranked lender in California - 79 contributions

Are the properties considered Non-owner occupied or Owner occupied? Do you rent them or live in them? Are you on Title now? My guidelines state: Loans with acceptable continuity of obligation may be underwritten and priced as rate-and-term or cash-out refinances according to the standard definitions. An acceptable continuity of obligation exists when:?The borrower has recently inherited or was legally awarded the property (for example: divorce or separation)Since there are no Existing liens and you did not recently purchase the property, we must use an appraisal to determine what Cashout you may be entitled to take out. Up to 80% Loan to value on Convetional and 85% FHA. FHA has 1% up-front premium but the rate is lower than Conventional. I lend in all States. Let me know if this helps. I have low rates and low fees. RC

Feb 7th 2011
Rob McAllister (Rob McAllister)
#7 ranked lender in Washington - 48 contributions

Enter your answer heremost lenders will not cross collateralize a their loan (loan on multiple properties) so you will likely need to take out two separate loans if you need more money than one will provide. If you are occupying one of the homes it woudl be best to use it first as the rate for an owner occupied home is lower and the underwriting guidelines are more liberal than they would be on an investment (non-owner occupied) home.

Feb 7th 2011
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