I would like to refiance my house and take out interest only loan and use the equity for investments purpose?

I am already on adjustable rate it start at 4.9% now it is at 5.50% I have owned my house for 1year and 2 months.

Bad idea!

You forgot to ask a question.
You should be able to do what you described but i strongly suggest investing in something safe. make sure that no matter what, you can meet monthly payment.
Remember that by taking out interest only loan it will slow down time till you fully own the home.

give me a call for a FREE quote!..... i'm a wholesale mortgage broker.
877-775-6265 toll free
I have no closing costs Home Equity lines available to pull equity out.

I actually have a client that I am doing a similar thing with. He owned an investment condo outright, so we did a cash out refi and now he is buying 3 condos with that money. He will now be in a much better position and much more well diversified.

I hesitate to try to quote you a rate or anything based on the information that you have provided. Anyone who quotes a rate before talking to you, checking credit, etc, is not someone you want to be dealing with. Honestly our industry has been struggling a bit recently and a lot of brokers have moved from dancing in the gray to playing in the black and doing illegal things. Luckily I work at one of the largest and most powerful mortgage BANKS based in Chicago and as others have been leaving our business has picked up like crazy. If you would like an honest thought about your situation from someone who has seen it before feel free to send me an email. Otherwise good luck, and I hope your investment works out for you.

STAY AWAY FROM INTEREST ONLY LOANS. My home equity loan got up to 12.5% and trust me, you dot want to go there. You can lock in at a certian rate, but it always cost $$$ and you never know what you'll get.

How much you can borrow will be determined by the amount of equity you have in your home. After a year and a couple of months on an adjustable rate loan you won't have seen much equity growth so, unless you put down a large down payment or your area has seen skyrocketing values, there may not be much cash equity for you to access. Only an appraisal can tell you how much you will have access to. Be prepared to bear that expense if the valuation does not give you sufficient equity to accomplish your goal and yo choose not to proceed.

ondreforsure, there is no such thing as a wholesale mortgage broker...

What is your question? Are you looking for a good lender? Feel free to email me so I may get more details and get you the specifics for different programs that may appeal to you.
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