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Re-financing


 
 
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section The Money Spot
  
 2 weeks ago '06        #1
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LYTE 184 heat pts184
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Re-financing
 

 
What's y'all take on re-financing?

A few people been hitting me since rates are low.

Saying high 2s low 3s.

Currently I'm at 4.8. I owe about 475k


Wanted to know more in/outs as well as personal experiences with doing a re-fi. Good or bad



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 2 weeks ago '05        #2
pnoi89 18 heat pts18
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 LYTE said
What's y'all take on re-financing?

A few people been hitting me since rates are low.

Saying high 2s low 3s.

Currently I'm at 4.8. I owe about 475k


Wanted to know more in/outs as well as personal experiences with doing a re-fi. Good or bad
Go speak to a couple banks to get estimates. If you have a good idea on your current credit score, tell them to estimate it a*suming a credit score range, so you won't take a hard check on your credit. If they refuse, it's because they want your business NOW. Don't listen to them fu*ks if they pressure you to make a decision THAT SAME DAY.

Remember that when you refinance, you have to consider closing costs and other fees that may make or break whether or not it's worth getting a lower rate or not. To keep it simple, you take the interest you'd build up on your current 4.8% interest rate vs. the re-financed rate over the new payment plan (+ closing costs and other fees to get the refinance done). If you'll save more on the latter, pull the trigger; if the closing costs and fees isn't worth it, then stick with your 4.8%.

I personally haven't done a re-finance (currently have a 3.5% mortgage, so I'm doing just fine on my current payment plan), so just speaking on what I know vs. what I've personally experience.
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 2 weeks ago '06        #3
LYTE 184 heat pts184 OP
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 pnoi89 said
Go speak to a couple banks to get estimates. If you have a good idea on your current credit score, tell them to estimate it a*suming a credit score range, so you won't take a hard check on your credit. If they refuse, it's because they want your business NOW. Don't listen to them fu*ks if they pressure you to make a decision THAT SAME DAY.

Remember that when you refinance, you have to consider closing costs and other fees that may make or break whether or not it's worth getting a lower rate or not. To keep it simple, you take the interest you'd build up on your current 4.8% interest rate vs. the re-financed rate over the new payment plan (+ closing costs and other fees to get the refinance done). If you'll save more on the latter, pull the trigger; if the closing costs and fees isn't worth it, then stick with your 4.8%.

I personally haven't done a re-finance (currently have a 3.5% mortgage, so I'm doing just fine on my current payment plan), so just speaking on what I know vs. what I've personally experience.
Funny you said that cause this dude mentioned that. Well he tries to get it done on initial call.

 2 weeks ago '05        #4
pnoi89 18 heat pts18
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 LYTE said
Funny you said that cause this dude mentioned that. Well he tries to get it done on initial call.
Yeah, ol' boy's trying to close on you. Don't get sucked in and do your due diligence by speaking to a couple banks to see if the input's consistent including the closing costs, current rates, etc. If anything, take your estimate from one bank, bring it to the other to see if they can beat it (literally hand them your estimate from Bank A to Bank B as a comparison, then do it a couple more times until you stall at a certain rate.
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 2 weeks ago '06        #5
philly337 28 heat pts28
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 pnoi89 said
Yeah, ol' boy's trying to close on you. Don't get sucked in and do your due diligence by speaking to a couple banks to see if the input's consistent including the closing costs, current rates, etc. If anything, take your estimate from one bank, bring it to the other to see if they can beat it (literally hand them your estimate from Bank A to Bank B as a comparison, then do it a couple more times until you stall at a certain rate.
Gotta a good investment opportunity

Going to try and do it myself but if I cant might look for a partner
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 2 weeks ago '05        #6
pnoi89 18 heat pts18
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 philly337 said
Gotta a good investment opportunity

Going to try and do it myself but if I cant might look for a partner
Always fam. Always trying to build so I can chill later.
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 2 weeks ago '06        #7
philly337 28 heat pts28
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 pnoi89 said
Always fam. Always trying to build so I can chill later.
Multiple units for sale in bulk. Around $550k...fully occupied and rent is about $7400. Hoa fees of about $1900 per month. As long as its paid and fully occupied should clear about $20k per year. Would owe about $10k in taxes after deductions ect...(less if able to get it under a corp). Get it paid off in 10-15 years and then all residual. Only issue is the roof is going to need replaced within the next few years (the cost based on how many units bought is probably $25k-30k)
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 2 weeks ago '05        #8
pnoi89 18 heat pts18
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 philly337 said
Multiple units for sale in bulk. Around $550k...fully occupied and rent is about $7400. Hoa fees of about $1900 per month. As long as its paid and fully occupied should clear about $20k per year. Would owe about $10k in taxes after deductions ect...(less if able to get it under a corp). Get it paid off in 10-15 years and then all residual. Only issue is the roof is going to need replaced within the next few years (the cost based on how many units bought is probably $25k-30k)
Man, that would be an awesome jump into real estate, depending on how the cash flow’s looking like on it.. What state is this?

In Colorado, 25% down is typically needed for an investment mortgage, so $137.5k plus closing costs (~5% or $27.5k). So from the jump, the sum from the investor(s) would be a minimum $165k. And as for maintenance and repairs, more number crunching’s needed too.

 2 weeks ago '06        #9
philly337 28 heat pts28
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 pnoi89 said
Man, that would be an awesome jump into real estate, depending on how the cash flow’s looking like on it.. What state is this?

In Colorado, 25% down is typically needed for an investment mortgage, so $137.5k plus closing costs (~5% or $27.5k). So from the jump, the sum from the investor(s) would be a minimum $165k. And as for maintenance and repairs, more number crunching’s needed too.
Md...should be 20%. Its just a thought right now...not sure if I'd be able to swing it on my own or not. I can put down $85k from a heloc (and then try and refinance 6 months later to roll that in...would have to see if it be worth it for closing costs and if rates go up. Can get more if needed...its a really good investment imo (other than the roof...and worried about an incoming recession). These units were worth about $150k before the recession. Now they're worth about $65k-$70k...they cant go much lower and I could see them appreciating a good bit years down the line (they're trying to rebuild the downtown area also)

I dont know...we'll see...prob be sold by the time I decide what I want to do.
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