Cash Out Refinance for a Mixed Use Property: Here are Vital Facts for You
There are a number of reasons why you should take out cash out refinance on a mixed use property. Some of these reasons include:
- Debt consolidation: To pay for pending medical bills, tuition fees and many other expenses.
- To put your equity in other profitable investments.
- To renovate your property to add much-needed value.
- To pay an old loan gone bad to avoid foreclosure.
As you can see, apart from cash out refinance helping you improve your credit, it helps you get back on your feet quickly.
How Does Cash out Refinance Work
Here, you refinance your current mortgage for more than you currently owe. What remains after clearing your existing mortgage is what you use to pay off your debts, or invest in another property.
However, for you to qualify for cash out refinance, you need enough equity in your mixed use property. This is because the lender uses the existing equity to decide on the amount you get as refinance.
Additionally, the lender looks at your credit history, credit score, Loan-to-value ratio, Debt Service Coverage Ratio (DSCR), income and current assets before approving your application for cash out on a mixed use property.
What is Our Role?
We know that you need cash fast. As long as you provide a complete submission, we can help you get the loan you need in just a few weeks.
At Mixed Use Mortgage, we present you with practical lending options after understanding your refinancing needs. We don’t stop there, we go ahead find the best match for you from our network of preferred lenders all over the country.
Our streamlined loan application process allows us to reduce the amount of paperwork you need to fill. This means you get the loan quickly with fewer hurdles to tackle.
Don’t hesitate to give us a call and discuss your options, consultation is free and never a fee.