Mortgage Blog

You got questions, I have Answers (Rental Refi)

April 4th, 2013 1:33 PM by Eric Fang

Q: I have two Rental properties. One rental with 140k loan
with $230k value, the current rate is 5%; The other property
loan amount is 288k, value around 600k, current rate
is 4.125%. Can I do refi with those properties?

A: For your 140k loan, you can refi with 3.75% for the closing
cost of $2400. The break even time is about 2 years. If you
hold the property longer, then this is a good option for you.

For the 288k loan, you can get the rate of 3.75% with no closing
cost with impound account. This option is better than paying
closing cost to get a little bit better rate, though you can
still do it that way.

Just for your info, I just quoted to another borrower with 218k
loan for 15 yr fixed with the rate 3.125% for $500 closing cost.
This is not bad as well.

Posted in:General
Posted by Eric Fang on April 4th, 2013 1:33 PM



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