For a cash-out refinance on a non-owner occupied property you are typically required to show proof of reserves (usually three-to-six months of total monthly housing expense) at the time you apply for the loan. Additionally, according to lender guidelines the proceeds from a cash-out refinance are not an acceptable source of reserves.
We always recommend that you contact multiple lenders to understand how they would handle your unique situation. You can compare non-owner occupied lenders in your area by clicking INTEREST RATES We advise you to contact at least four lenders as lender qualification requirements can vary. Additionally, the interest rate for a cash-out, non-owner occupied mortgage tends to be higher than the interest rate for a regular mortgage which makes comparing lenders even more important.