 Refinance Now (by dennis [MD]) Nov 22, 2020 11:54 AM
 Refinance Now (by Jim in O C [CA]) Nov 22, 2020 11:58 AM
Refinance Now (by Robert,OntarioCanada [ON]) Nov 22, 2020 1:30 PM
Refinance Now (by Dennis [MD]) Nov 22, 2020 1:36 PM
Refinance Now (by Libi [NY]) Nov 22, 2020 1:56 PM
Refinance Now (by JB [OR]) Nov 22, 2020 1:58 PM
Refinance Now (by S i d [MO]) Nov 22, 2020 4:45 PM
Refinance Now (by Dennis [MD]) Nov 22, 2020 5:26 PM
Refinance Now (by Coplin [CA]) Nov 22, 2020 5:58 PM
Refinance Now (by Ray-N-Pa [PA]) Nov 22, 2020 6:16 PM
Refinance Now (by Dennis [MD]) Nov 22, 2020 6:28 PM
Refinance Now (by Nicole [PA]) Nov 22, 2020 10:27 PM
Refinance Now (by Dee Ann [WI]) Nov 22, 2020 10:58 PM
Refinance Now (by CS [NY]) Nov 23, 2020 6:29 AM
Refinance Now (by Smokowna [MD]) Nov 23, 2020 8:13 AM
Refinance Now (by W [CA]) Nov 25, 2020 5:45 AM
Refinance Now (by Pmh [TX]) Nov 28, 2020 3:34 PM
Refinance Now (by dennis [MD]) Posted on: Nov 22, 2020 11:54 AM
Message:
I am looking to refi a duplex. It's currently 6%
Who do you recommend using?
Thanks --73.191.xx.xx |
Refinance Now (by Jim in O C [CA]) Posted on: Nov 22, 2020 11:58 AM
Message:
I used pinnacle mortgage. Lower loan origination fees than all the others. Lending Tree was the highest. --99.23.xxx.x |
Refinance Now (by Robert,OntarioCanada [ON]) Posted on: Nov 22, 2020 1:30 PM
Message:
If can pay mortgage weekly or biweekly then the amount of equity is increased where the amount will be paid off in a shorter period of time as each payment equity is increased. A arrangement with bank for mortgage payments where automatically mortgage is paid. --147.194.xxx.xx |
Refinance Now (by Dennis [MD]) Posted on: Nov 22, 2020 1:36 PM
Message:
I do that now. But 6% is too high. Need a competitive rate --73.191.xx.xx |
Refinance Now (by Libi [NY]) Posted on: Nov 22, 2020 1:56 PM
Message:
I was calling around 10 mortgage companies and United Northern Mortgage Bankers Limited in NY has the lowest number. I found them on Google and decided to apply. --174.204.xxx.xxx |
Refinance Now (by JB [OR]) Posted on: Nov 22, 2020 1:58 PM
Message:
Don't expect to get anywhere near the typical advertised 15 and 30 year purchase and refi rates you see everywhere unless you also happen to be living in one half of this duplex.
You will pay at least a percent higher for non-owner occupied. You will pay more points/fees for it being a multi-unit instead of a single family. And, especially now with the rent moratoriums, lenders are cracking down on investors and charging even more and making them jump through more hoops because of the higher risks we now face. --73.25.xx.xxx |
Refinance Now (by S i d [MO]) Posted on: Nov 22, 2020 4:45 PM
Message:
4.25% fixed on a 15 amortization recently at a local bank looking to build up their commercial business. Ask around. The savings are worth the hunt. --107.216.xxx.xxx |
Refinance Now (by Dennis [MD]) Posted on: Nov 22, 2020 5:26 PM
Message:
I bought my last multi through Caliber home loans. They aren’t as competitive now from last year. I could try Credit Union but I was hoping to get a decent big bank refi since I have a lot of equity --73.191.xx.xx |
Refinance Now (by Coplin [CA]) Posted on: Nov 22, 2020 5:58 PM
Message:
condo rental LoanDepot 3.125% 30yr fixed 1pt loan orig 1600 --47.157.xxx.xxx |
Refinance Now (by Ray-N-Pa [PA]) Posted on: Nov 22, 2020 6:16 PM
Message:
I was able to get 4.125 fixed for 10 on a 14 year note on a property in a trust with an LLC as trustee.
Is this property in a LLC or is it just in your name?
If it is in an LLC you could just talk to the commercial loan officer and ask how much it would cost for them to recast it to terms you want today. I have been lucky doing that and getting rates lowered about 1% by paying a one time $600 fee. That said the bank didn't want to loose the loan and they know that is what would have happened if they didn't lower it - so everyone won --24.101.xxx.xx |
Refinance Now (by Dennis [MD]) Posted on: Nov 22, 2020 6:28 PM
Message:
It’s not in an LLC. I’ve had the note for 15 years.
The rate is high. I would love 4.25%!
--73.191.xx.xx |
Refinance Now (by Nicole [PA]) Posted on: Nov 22, 2020 10:27 PM
Message:
try SECU or APGFCU - no sure if they lend on investments but both have regular rates are really decent. You would need to join either but that's easy. I was able to join Aberdeen because I "go to church" in Harford County. --72.70.xxx.xxx |
Refinance Now (by Dee Ann [WI]) Posted on: Nov 22, 2020 10:58 PM
Message:
Credit Unions do have lower rates than the big banks. The join fee at ours was $5. I haven't checked rates lately, but why not call a few? --75.11.xx.xx |
Refinance Now (by CS [NY]) Posted on: Nov 23, 2020 6:29 AM
Message:
Interesting.
Not a single credit union around here will do an investor loan on a multi family,
A local bank that does (and I know some of the folks there from being on a board with them) could only do 5%. (I have two owner financed properties at 5%, one of which was a balloon and comes due in 4-5 yrs)
AIM has rates equivalent to owner occupied for my 4-plex. Have not closed yet, so can’t say for sure, but I might be doing a lot more business with them. The rates are the best I have seen for investor loans. I have very good credit and very high w-2 income and these are 75% LTV so YMMV. They demand documented income and old school qualification so not good for wheeler dealer type investors. I’ve just been buying cash bc it’s been such a pain to find decent investor loan rates.
Fees might be high - hard got me to tell bc all loans in NYS subject to 1% mortgage tax so that plus one point, well, closing cost quotes always make me choke.
Check em out! --216.59.xxx.xxx |
Refinance Now (by Smokowna [MD]) Posted on: Nov 23, 2020 8:13 AM
Message:
Robert at Signal Financial Credit Union will answer your questions rapidly.
I'm not certain whether they can help however very quick to reply.
Also...If you have had that loan for 15 years you may not want to refinance as you have paid the bulk of the interest. --108.28.xx.xxx |
Refinance Now (by W [CA]) Posted on: Nov 25, 2020 5:45 AM
Message:
The key issue is not whether you have paid the bulk of the interest . . . it is whether you can make your monthly payment even if the economy crashes or the new President virtually bans evictions with moratoriums.
If you are going to refinance, refinance for the longest term available so you get the lowest monthly payment at a fixed interest rate - making it easier for you to pay the monthly nut. You can always make prepayments.
If you get a 15 year refinance which are pushed by the RE gurus to save interest, and down the road you cannot make the larger monthly P and I payment, and you lose the property to foreclosure, what good did the refi do you? --201.140.xxx.xx |
Refinance Now (by Pmh [TX]) Posted on: Nov 28, 2020 3:34 PM
Message:
I disagree W: long term rates will always be higher. but concur if you want a fixed payment for a long time then do so. --72.180.xx.xxx |
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