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Updated over 4 years ago,
Creative Financing Puzzle for Investors
Two part question
FIRST
I own and rent a 2 family home which has a market value of at least 380k (as of 9/2019, actual by HELOC appraisal properly more now).
I owe 267K on my FHA loan at 3.5% (original mortgage was for 296k).
I have a HELOC balance of 30k which I make monthly interest payments on for $120.
I pay about $200 a month in PMI.
I'm trying to figure out how I can consolidate my HELOC and current mortgage into a new mortgage and eliminate the interest payments on the HELOC AND PMI knowing I have 80% LTV.
SECOND
If I'm able to consolidate the above for let's say a 300k mortgage, could I pull ANOTHER HELOC on the property knowing I have roughly 20% LTV based on the 380k value.