Hi there, I'm looking for some advice please.
What is the easiest way to pull equity out of a rental property when your mortgage term is coming to an end. Does a person need to re-apply for financing for the mortgage to be able to pull out the equity that is in excess of 20%? or can you still pull out the excess equity when you chose to just extend your financing term?
I have already confirmed that upon renewal of my mortgage term I cannot switch the mortgage to a ratio loan(5% down).
I also have another property that was my principle residence but now is a rental and it is coming up for renewal, if there is less than 20% paid down on the mortgage do I now need to come up with at minimum 20% to re-finance the mortgage?
Thank you
What is the easiest way to pull equity out of a rental property when your mortgage term is coming to an end. Does a person need to re-apply for financing for the mortgage to be able to pull out the equity that is in excess of 20%? or can you still pull out the excess equity when you chose to just extend your financing term?
I have already confirmed that upon renewal of my mortgage term I cannot switch the mortgage to a ratio loan(5% down).
I also have another property that was my principle residence but now is a rental and it is coming up for renewal, if there is less than 20% paid down on the mortgage do I now need to come up with at minimum 20% to re-finance the mortgage?
Thank you