Resource
Refinance and cash-out worksheet
What to sort out before a refinance conversation — starting with the number that actually matters.
Work out your net, not your loan amount
| Line | Your number |
|---|---|
| Loan amount | |
| − Payoff of existing loan, including interest accrued to the payoff date | |
| − Closing costs | |
| − Anything set aside at closing | |
| = What reaches you |
Ask your lender to fill this in before you commit. If you only have a loan amount, ask again — the net is the number that matters.
Timing
- When did you buy it? How long you’ve owned a property affects which options are available
- Has it been refinanced before, and when?
Title and vesting
- Whose name is on title right now?
- Does that match how you want the new loan held?
- If you moved it to an entity after closing, confirm the transfer was recorded. See the entity and title guide
The property today
- Current rent per unit and lease status
- Current insurance premium — not last year’s
- Any work done since purchase, and roughly what it cost
Two separate tests
- Coverage: does the rent cover the payment
- Value: what the appraisal says the property is worth
Strong rent does not raise appraised value. Both have to work.
The purpose
- Be ready to state what the proceeds are for, specifically. Business-purpose financing requires business use, and use of proceeds is verified at underwriting
- If you’re not sure whether your intended use qualifies, ask before you apply rather than after
When you are ready
You can find out what a property qualifies for without a credit pull and without paying anything. It takes a few minutes, and the file is there when you come back to it.