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Updated over 3 years ago,
First Rental Refinance suggestion
Hi I took 2 properties and both are getting rehabbed currently. I do not own any other properties before.
Property1 : 122k Hard money loan - 1200 monthly interest payment - This is going to be rented out after rehab
Property2 : 154k Hard money loan - 2300 monthly interest payment - This is going to be my primary residence.
Whats best way to get these two properties refinanced? Is there a way I can refinance both together to save the closing costs?
My credit score > 760
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I got refi quote for Property1 for 30yr fixed and the closing costs are as below :
Origination fee - 1point
Loan discount fee - 1.3 points
Interest rate - 3.5% (with my wife being added to the loan)
Interest rate - 3.375% (just me on loan with tenant locked)
total closing costs (including orig fee and load discount fee) - 6500
Does the above quote is good or I can do better?