How does cash-out refinancing work for investment properties?

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A cash-out refinance lets you tap the equity you've built in a rental and pull it out as cash, without selling the property. You replace your existing loan with a new, larger one based on the property's current value, pay off the old balance, and pocket the difference. Investors use this to fund their next down payment, cover renovations, or pay off higher-interest debt, all while keeping the asset that's producing income. The key is making sure the new payment still makes sense against the rent it's bringing in.

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Qualification is based on the subject property's Debt Service Coverage Ratio (DSCR). Personal income documentation is not required; however, borrower financial review, credit approval, property eligibility, appraisal, title, and underwriting guidelines apply. Program terms, rates, and availability are subject to change without notice. Restrictions may apply.
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