Is my situation worth a refi?
I’m interested in buying more AirBnB properties and I want to use equity in one of our newer properties. There’s 4.25 years left on a 15 year mortgage at 2.75% interest. The refi rate is 2.85% with $10k in fees and $5k for escrow. The property appraised at $450k and we thought it would be at $530k, is it worth refinancing? by wsnyder394 from Atlanta, Georgia. Feb 22nd 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
You didn't say what the balance on the current loan is, so its hard to determine how much cash you are getting. The rate going up 0.10% in itself is not bad, and if the property you are cashing out is already an investment property, then the fees do not appear to be out of line. The question is can you put the new cash to work to recoup the cost of borrowing them. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA. FL & TX coming soon In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
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