 Cash refinance (by Dan [NY]) Oct 11, 2018 4:02 PM
 Cash refinance (by Frank [NJ]) Oct 11, 2018 4:21 PM
Cash refinance (by fred [CA]) Oct 11, 2018 5:53 PM
Cash refinance (by Livethedream [AZ]) Oct 11, 2018 9:28 PM
Cash refinance (by Dan [NY]) Oct 12, 2018 4:44 AM
Cash refinance (by JB [OR]) Oct 12, 2018 10:22 AM
Cash refinance (by Dan [NY]) Oct 12, 2018 2:39 PM
Cash refinance (by JB [OR]) Oct 12, 2018 4:27 PM
Cash refinance (by Dan [NY]) Posted on: Oct 11, 2018 4:02 PM
Message:
Looking to see what others are getting fur cash out refinance? I’m debating between equity lines or complete refinance. My properties have rates of 4 (seller held note), 4.25 typical investment property note, and 8 percent (nonrecourse for SDIRA so this won’t help me). In the process of buying another rehab and will have to refinance this property regardless. I have some funds on a credit card (18 months interest free) that allowed me to get into a property with very little out of pocket. I do have a credit line on my personal property and one on an investment property. Would like to see what others are getting for cash out numbers. I was given a quote of over 5.5 percent today from Flagstar Bank. Thoughts? --107.242.xxx.xx |
Cash refinance (by Frank [NJ]) Posted on: Oct 11, 2018 4:21 PM
Message:
From what I read and have seen the rates will not be going down anytime soon so if this is on your horizon do not hesitate.
Good luck --173.70.xxx.xxx |
Cash refinance (by fred [CA]) Posted on: Oct 11, 2018 5:53 PM
Message:
Actually rates just went up today.
Nothing is final till the financial institution funds you. I've had banks raising their rates on me while in escrow multiple times. Sometimes even negate on their "loan commitments".
I had a choice: to buy or not to buy. I chose to buy, and that was a smart choice. Remember: your tenant makes the payments for you. You are merely a middleman. --99.59.x.xxx |
Cash refinance (by Livethedream [AZ]) Posted on: Oct 11, 2018 9:28 PM
Message:
Sounds like you are heavily leveraged. That may not be good. Although I once borrowed heavily on my own home to fund flips in the boom, it was a different world, we were seeing 20-36% appreciation for a couple of years, and I was a lot younger.
My suggestion would be to get your home paid off, then consolidate your properties and get them paid off asap. When you are highly leveraged any downturn can wipe you out. Many learned that in 2008.
And just my opinion, but 8% on anything but a short term bridge loan is just plain nuts. Your profits make the bank rich, not you. I been there, done that. YMMV --47.216.xx.xxx |
Cash refinance (by Dan [NY]) Posted on: Oct 12, 2018 4:44 AM
Message:
Actually my properties have a nice amount of equity. My one property has a 90k mortgage, with a value of 215-230. The 8 percent is high due to the self directed Ira nonrecourse requirent. It cash flows nicely and gains will be tax free. It made sense for this one prooerty. Anyway, we have the equity, but have been expanding in recent years. I’m looking to recoup or redistribute funding at this point and evaluating different options. Btw my personal residence has a 2.75 percent rate so that’s not being touched. --107.242.xxx.x |
Cash refinance (by JB [OR]) Posted on: Oct 12, 2018 10:22 AM
Message:
The cheapest loan you will receive is generally on the house you live in. If you have equity in this home you should go for a home equity loan. A line of credit has a variable rate and those have been increasing rapidly over the past couple of years now.
If you do not have enough equity in your home for that then look into a 10 or 15 year cash out refi from a local bank or credit union. The rates should be reasonable...and at least one percent less than on a 30 year loan
p.s. I've been using HELOCs for years and love them. But with the rent hikes coming almost quarterly lately I've been paying them off as fast as I can. --24.20.xxx.xxx |
Cash refinance (by Dan [NY]) Posted on: Oct 12, 2018 2:39 PM
Message:
My concern being the increasing rates. My line allows a lock in of 10 0r 15 years. rates are at 5.865%. This won't require any closing cost so it may be my best option. I do have some funds on my 0% (funds and grow accounts) until May. However, the increasing rates may make sense to lock in everything before rates go higher. Anyone getting any better deals with rates? --68.192.xxx.xxx |
Cash refinance (by JB [OR]) Posted on: Oct 12, 2018 4:27 PM
Message:
That sounds good right now. --24.20.xxx.xxx |
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