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Updated over 3 years ago on . Most recent reply

User Stats

8
Posts
1
Votes
SivaNaga Prasad Shola
  • New to Real Estate
1
Votes |
8
Posts

First Rental Refinance suggestion

SivaNaga Prasad Shola
  • New to Real Estate
Posted

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

-----------------------------

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?

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