I’m told that cash-out refis on condos are the most difficult loans to get, especially if you are self-employed. Houses, not as difficult.
Of course, the chance of success varies dramatically based on your income, income history, current debt level, current monthly payments on debt, loan-to-value ratio, etc. With good numbers, it shouldn’t be a problem.
Just be prepared to dig up endless bank statements, trust documents, etc. and expect to write letters of explanation for every little detail. That is the difficult part – the time it takes to satisfy all the requests.
Consider a HELOC (Home Equity Line of Credit) where you only make payments on money you have used. You write checks off the HELOC which add to the loan amount. Usually these are variable rate loans so you have to be careful with rising interest rates. But, you can have that cushion available without making monthly payments.
