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Okay, so you want to refinance a property and pull out some cash.  You can’t decide whether to refinance your own home or one of your investment properties.  It’s a cash-out refinance and you’re looking for the best rate.  What do you do?

You refinance your own home, that’s what you do!  The reason why you do this is because it’s cheaper money.  The interest rate on a non-owner-occupied (investment) property is usually about one-half of a percent higher!  That’s a big difference in monthly payments.

One of the reasons that banks charge less for owner-occupied loans is because they know that you will take better care of a home if you own it.  Makes sense to me and it makes sense the them.  If I can help you with any of your finance questions, please don’t hesitate to call or e-mail me at (805) 585-2326 or jay.b.friedman@chase.com.