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Updated over 5 years ago,
Refinance + HELOC on Owner Occ Chicago Legal 3-unit w/1 non-con
Hi All!
It's been forever since I posted. I'm starting to look at 2 things to move forward in my REI. I own and occupy a multi-family in the city of Chicago with, like most multi-families in Chicago, an extra non-conforming unit (typically called 3+1). I am in contact w/the great team that helped me finance the property originally but I'd also like to shop around and am looking for direction. I'd like to do the following with the aforementioned property.
1) Refinance out of the current FHA mortgage (drop PMI and free up ability to get another FHA in the future on another project)
2) Get a HELOC on the current property
The details are as follows:
- 3+1 Units
- Class A Neighborhood
- Amount I'd like to refinance = $540k (around 75% LTV)
Questions:
- Who do you suggest I contact to refinance?
- Who do you suggest I contact for the LOC?
Note: While I don't want to extend the life of the current loan, I am comparing all the numbers here as I am willing to extend for the right terms. It's all about the numbers and opportunities those provide (e.g. longer term might mean significantly lower DTI for me to help me get the next place). So I'm looking at all options in the 15, 20, 25 & 30 year term.
Thanks!