Answers (4)
- cnrtool1
- Contributions:20
Here's what I did.
I had a 90k mortgage with 27 years left on it on a rental property I own. The PI was in the neighborhood of 600$ monthly @ 6.5%.
I refinanced at 3.25%, keeping the payment that I am comfortable with at 600$ a month, and ended up with a $135,000 loan. Paid off the 90K and used the balance + cash to buy outright another rental property that yields 1100 a month in revenue.
I also used a mortgage broker, instead of walking in Wells Fargo who handles my business banking.
- Andy Gaggin, "andygaggin"
- Contributions:18
Rates are certainly lower right now, but there are always other things to consider, such as how long you've been paying on your current mortgage, what the cost of refinancing might be and how long you might be looking to stay in your home. Sometimes its worth looking at a lower rate on a 25 year mortgage instead of going back to a new 30 year.
- Gene Clements, "Gene Clements"
- Contributions:12
Absolutely rates are currently much lower. I recommend you contact your local bank or mortgage professional .
- shapiroamg
- Contributions:3136
You should be able to get into the 3s.
I have a $70K mortgage for 30yrs. @5.50%. Would it be realistic to try to transfer this?
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