Cash-out refinancing works similarly for an investment property as it does for a primary residence. Per attorney Dmitriy Kondratiev, you will take out a new loan for more than your current mortgage debt and get the surplus as cash. But you typically need a credit score of 680 or higher and more than 25% equity in your property to qualify for an investment property. Also, expect to pay a higher interest rate than you would for a primary residence. Additionally, you’ll need cash reserves of greater than 12 months’ worth of mortgage payments or cash reserves that equal 2% to 6% of unpaid loan balances.