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Refinance investment property - have 4 mortgages

Profile picture for timevy
Have three investment property with mortgages. thinking of doing a refinance on two and taking  10000 cash out of each and put it down on the house we live in and doing the HARP loan on it. I know can't do HARP on the investment property and take cash out. They would be full doc. loans. Would lower the payment of the house we live in about 150.00 per month owe about 21 3/4 years left. Would be going to a 20 yr. note. Taking 1 3/4 yr. off. The investment property we would push back out to a 30yr. note from the 22yr. left on them. But the payment would be lower. And postive cash flow from the rent higher.   
Is this a good idea?
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November 11 2011 - Post Falls
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Answers (3)

Profile picture for MariaMorton
I would do it differently. I would keep the payments going but make extra payments on one of the investment properties until it was paid off. The idea being to get the income producing properties free and clear as soon as possible. That's just the way I like to do it. 
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November 12 2011
Profile picture for timevy
LTV on the house we want to HARP. Owe 99500 value 158000-170000. Was thinking of putting the 20000 down from the investment property.Doing a refinance on it at about 80000.
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November 11 2011
Profile picture for Courtesy Mortgage
What is the LTV on your current primary that you want to HARP?

You might be better just waiting for HARP 2.0 to be further announced next week, and avaiable later this year, which could allow you to complete your transaction without having to take cash from other places.

If you decide refinance of the rental will help you for other reasons, there is a good chance you'll find those loan with better avialable terms and more attractive to you as rate and term transaction than you will as cash out transaction.
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November 11 2011
 

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Profile picture for Maria Morton
QuestionRefinance investment property - have 4 mortgages
  • Latest answer by Maria Morton
  • November 12 2011
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