Is It A First Or Second??
I purchased and rehabbed a property with cash. I now want to take out a mortgage on the property to recoop some of my costs (the tenants rent will cover the mortgage). But I am unsure of what type of loan I am seeking. Is it a mortgage or a refinance that I am looking for. Please help, I would like to grab another property as soon as possible but need my capital back before I can move forward in purchasing more properties.
You own the property already so it is not a purchase it is a refi. What you need is a cash out refi loan.