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Location: Formerly Pleasanton Ca, now in Marietta Ga
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Quote:
Originally Posted by bobbyaxe
property 1 bought as primary 30yr, 4.5%
loan amount = 2017/435,000


prop2 investment property 30 yr. 4.8750%
loan amount = refinanced once already from 6.5% ARM (513,750) to 4.875% (new loan amount 532,500) in 2019.


prop3 bought as primary (2020) 30 yr, 3.8750%
loan amount = 562,000
If you are truly holding long term. I would do it. I had rates like yours and saved a decent amount. Rate are so good I’m actually doing two more cash out refinances.
Depending on your cr3dit your could easily drop the primary into the high 2s.
Curious about 3% for investment also. I plan to refinance and I'm getting ~4% for rental. I'm told this is the best deal out there. I'm in Dallas if it matters.
As a rule of thumb, you can expect the interest rate on your investment property to be at least 0.50% to 0.75% higher than the rate on your primary mortgage. I've helped investors refinance investment property in the low 3's, recently.
For example, today’s live 30-year fixed rate as of December 18, 2020 is 2.625%, so the investment property rate would be around 3.125% to 3.375%
As a rule of thumb, you can expect the interest rate on your investment property to be at least 0.50% to 0.75% higher than the rate on your primary mortgage. I've helped investors refinance investment property in the low 3's, recently.
For example, today’s live 30-year fixed rate as of December 18, 2020 is 2.625%, so the investment property rate would be around 3.125% to 3.375%
A question for you professionals. I just refinanced my primary in June for a 30 yr fixed at 2.88%. Now I get a letter in the mail offering 30 yr fixed at 2.5% with no closing cost .
Is it too early to do another refinancing? Also the "no closing cost" part seems too good to be true?
Dunno. Check your loan contract to see if there is a pre-payment penalty. If there is, you'll have to factor that in.
Quote:
Originally Posted by HB2HSV
Also the "no closing cost" part seems too good to be true?
Might mean that all the fees get rolled into the loan so you don't have to come up with cash at closing. Could mean something else. You won't know until you pin them down for details.
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