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Refinance for Retirement Home

I have a current mortgage with a lender that we’d like to refinance. We plan to move out from the home and retire near the beach. There is an amazing property up for sale and I would like to grab the opportunity and reserve it to build our retirement home. Do I apply with my current lender or shop around for a better deal? by arandal32 from Cedar Point, Illinois. Oct 26th 2021 Reply

Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

Sounds like you want to do a cash-out refinance on your current home in order to get enough funds to purchase vacant land? Typically, you can cash-out up to 80% of the value (minus any existing liens). You can certainly inquire with any lender you wish.

Oct 27th 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,636 contributions

Almost without fail, refinancing with the current servicer (who you make your payments to) is rarely the best deal. Getting a second opinion from your local mortgage broker is a best move. I lend for properties in WI MN IA ND SD. Find me at Cambria Mortgage, NMLS 274132

Nov 1st 2021
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