Home Purchase Mortgage Calculators
Mortgage Program Calculators
It is certainly possible to do a cash-out refinance on a rental property, including if you own the property free and clear. We provide a comprehensive overview of non-owner occupied mortgages on FREEandCLEAR as well as our INTEREST RATES function that features rates and fees for lenders that offer non-owner occupied mortgages. The interest rates on rental property mortgages are typically 0.25% - 0.50% higher than owner-occupied mortgage rates.
Please note that with a cash-out refinance of a non-owner occupied property some lenders may apply a lower maximum loan-to-value (LTV) ratio of 60% - 70% which limits the proceeds you can take out from the property. Be sure to understand the lender's LTV ratio limit and borrower qualification requirements before moving forward with your mortgage.