The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: BiggerFishToFI on July 17, 2020, 11:42:24 AM
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Looking at a cash-out refinance.
Par rate I'm getting is about 3.25% for 80% LTV and 3% for 75% LTV w/ $2k-$2.7k costs depending on if an appraisal is necessary or not.
What are you seeing?
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I'm hopefully in the process of locking in a 2.875% 15 year cash out refi at 80% LTV with $2k in closing costs
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The latest mortgage we have is at 0.8% (25% of the estimated property value), the previous one at 1.5% (20% of the estimated property value, both mortgages are for he same property) both guaranteed for a ten year period. They would be lower if I weren‘t a business owner.
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I just used credible and the best I saw was 2.91% apr for 30 year fixed, roughly $2,850 in loan costs. My existing rate is 3.41% but I still have a lot of principal left. I was actually about to post something to see if people were seeing any lower rates than 2.91$? I've heard its worth refinancing if you can go down .75% or more. This would be 0.5%, but with low loan fees I think it would be worth it. We are in SoCal, and plan on keeping this house for awhile.
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I'm seeing 3.25% at 80% LTV or 75% LTV if I'm pulling any cash out. Closing costs around 1.5-2k.
@BiggerFishToFI *The depending on the appraisal being necessary, what does that mean? Is the lender considering not doing an appraisal? I just assumed this was 100% mandatory.
I'm at 5-5.5% with (5) mortgages, which seemed like a pretty decent deal a couple years ago but definitely some savings to be had by refinancing now. Plus mine are commercial loans and refinancing was inevitable.
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I'm seeing 3.25% at 80% LTV or 75% LTV if I'm pulling any cash out. Closing costs around 1.5-2k.
@BiggerFishToFI *The depending on the appraisal being necessary, what does that mean? Is the lender considering not doing an appraisal? I just assumed this was 100% mandatory.
I'm at 5-5.5% with (5) mortgages, which seemed like a pretty decent deal a couple years ago but definitely some savings to be had by refinancing now. Plus mine are commercial loans and refinancing was inevitable.
The broker is saying the appraisal may not be necessary (appraisal waiver) since I purchased the house in Fall 2018 when it got appraised. I'm in a hot market that has risen ~15% since then so I guess it depends?
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Thanks @BiggerFishToFI
To clarify, these are rates for rental property or owner occupied primary?
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Thanks @BiggerFishToFI
To clarify, these are rates for rental property or owner occupied primary?
Yes, please clarify if these are for rentals or primary.
I have 3 rentals and a primary that I am considering refinancing. My current rates and start dates for the loans are below.
Primary Home: 4.125% (Dec 1, 2019)
Rental #1: 4.875% (Nov 1, 2019)
Rental #2: 4.625% (Dec 1, 2017)
Rental #3: 4.5% (July, 2018)
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Thanks @BiggerFishToFI
To clarify, these are rates for rental property or owner occupied primary?
Yes, please clarify if these are for rentals or primary.
Add me to the list of people that are interested.
I was quoted 3.875% 70% ltv cash out on my rental duplex, the catch was $6700 in closing costs and prepaid points. I asked about rolling the points in and they wouldn't do it.
Why would they require this?
Edit: its down to 3.675 with 6000 in closing costs and points