The average home price in Orange County, California is up 16% since 2014 to $766,200. However, the median home price in 2018 was $774,700.

With interest rates at multi-year lows in 2019, it's an ideal time to tap into that grown equity before the market softens more.

This offers real estate investors an opportunity to take some cash out of their rental properties to fulfill several needs:

1. Purchase another rental property since prices are dipping
2. Make improvements to the property
3. Repay or pay down other large debts

Why get a cash-out rental property loan?Rental property improvements can offer a higher rental rate as well as increase the property's value. Maybe your property is zoned for a two- or three-family home.Possibly the best usage to do a rental property cash-out refinance is to grow your real estate holdings. For example, you own an investment property valued at $850,000 with a loan balance of three-hundred -seventy-five thousand.You may be qualified to refinance up to 75% of the current value, netting about $250,000 after closing costs. You can come in with a 15-20% down payment for another investment property.Non-owner-occupied cash-out loan programsConventional mortgages may be used to finish a cash-out loan on a property that is non-owner-occupied.Non-owner occupied cash-out refinance maximum loan-to-value for 2019The majority of lenders use the loan-to-value (LTV) rules established by Fannie Mae and Freddie Mac. With regards to LTV, Freddie Mac is a little bit more flexible than Fannie Mae.Some lenders can only approve loans to Fannie Mae standards, some to Freddie Mac, and some to both. Shop around until you find the right lender for your situation.Take into account that some lenders offer loans that do not follow Fannie/Freddie guidelines. They typically broker these loans which tend to be a great deal looser on cash out maximums, credit scores, loan-to-value and more.If your loan needs don't fit into their Fannie/Freddie box, another loan program may help you. Find out what today's cash-out refinance rental property interest rates are?Sometimes a window of opportunity opens but not for long. Take a look at rental property refinance rates. You can apply online without your social security number to get a quote.