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Updated over 11 years ago,
Refi
Hello,
Can someone please explain refinancing in layman's terms. I am an owner-occupant in a duplex. I overpaid for the property 10 years ago through a closed bid. Anyway, recently i got a letter from my new mortgage co.--KeyBank stating that my escrow is short. This has increased my mortgage by $60! Rental income is $725...my mortgage payment is $982.00 My loan is at 6.125% for 30 years. I did try to refinance last year but a friend said it was not worth paying the closing fees of $3,000. My house was underwater for a long time...still is? Not sure...the property values in my area are lower than what i owe...my house is in great condition (except for needing a new roof)...
I am considering buying more multifamily property with a partner since i cant seem to afford the 25% downpayment on my own. I also have a lot to learn...thankful for this site.
Meg