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Old 05-29-2012, 08:24 AM
 
Location: Saint Johns, FL
1,059 posts, read 826,269 times
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I was able to get 2 rental houses in 2011 before things got tight. The loans were 30 years/4.875.

Any way to refinance them to take advantage of these super low rates right now? Maybe as 15 year?
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Old 05-29-2012, 08:38 AM
 
Location: Gilbert - Val Vista Lakes
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Quote:
Originally Posted by Newporttom View Post
I was able to get 2 rental houses in 2011 before things got tight. The loans were 30 years/4.875.

Any way to refinance them to take advantage of these super low rates right now? Maybe as 15 year?
Talk to a mortgage broker. If you need a referral for one you can DM me.
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Old 05-29-2012, 10:02 AM
 
Location: Saint Johns, FL
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Didn't want to bother if I was wasting their time. Thought maybe folks here might know ("Dude, you ain't beating 4.875 on new investor loan")
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Old 05-29-2012, 11:16 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,682,557 times
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Quote:
Originally Posted by Newporttom View Post
Didn't want to bother if I was wasting their time. Thought maybe folks here might know ("Dude, you ain't beating 4.875 on new investor loan")
If you call a mortgage broker and they treat you as a waste of their time, then you'll know who to never call again.

Most are happy to answer questions because you may become their client now, or some day in the future.
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Old 05-29-2012, 11:19 AM
 
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IMO, you will not be able to beat that, after adding in points/fees. What percent equity are you claiming?
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Old 05-29-2012, 01:55 PM
 
Location: Phoenix AZ
5,920 posts, read 10,459,834 times
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You can beat that rate, but the fees might eat into your savings. I used desert schools for my rentals, & had good luck with them.
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Old 05-29-2012, 02:04 PM
 
2,879 posts, read 6,629,214 times
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Quote:
Originally Posted by Newporttom View Post
I was able to get 2 rental houses in 2011 before things got tight. The loans were 30 years/4.875.

Any way to refinance them to take advantage of these super low rates right now? Maybe as 15 year?

make an extra payment every year....you now have a 15 year.
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Old 05-29-2012, 07:17 PM
 
Location: Saint Johns, FL
1,059 posts, read 826,269 times
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Houses were 90K each, 20% down so balances are about 71K. I think houses are probably at least 110K now. I think it would take 2 extra payments a year at this point.
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Old 05-29-2012, 07:37 PM
 
Location: MID ATLANTIC
7,603 posts, read 17,648,062 times
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Due to the amount of fixed fees in a refinance (example, an appraisal is the same regardless of loan amount), the lower the loan amount the less the benefit. You could most likely decrease your rate by 1/2%, but with a good chunk in costs......4% only covers $2,800 in fees. So, the eyeball math says no. With your rate (low) and your loan amount (also low), you need to be at 1+% (closer to 2% probably) for this to have any tangible benefit.
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Old 05-29-2012, 08:58 PM
 
Location: Saint Johns, FL
1,059 posts, read 826,269 times
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Thanks, Money. I will have to try the extra payment route.....
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