All Forum Posts by: My Pham

Paul D. Steven Wade I wouldn't refinance to combine the existing 1st and the cash out together into a much higher rate since the current balance is at a fixed rate of 2.75%. If you were to cash out then the rate would be very close to high 4 or wouldn't be surprise if it in the 5% since it's an investment property plus a cash out. Cash out refinanced have a slightly higher rate than a regular rate and term refinance.

Steven Wade , investment helocs are typically maxed at 60% cltv but definitely not 80% cltv on helocs.

Jason Kudo welcome to BP! I have been listening to BP for a while and just started my account on here yesterday. My bf is into jiujitsu also and trained at AOJ. I work in Arcadia as a lender and I used to work in Pasadena not too long ago. Maybe we can connect sometime!

Brittany Brown I would recommend looking into a 203k loan, which is an FHA loan that allows you to purchase and finance your renovation cost into one loan. It will be more cost efficient than a private lender or hard money for what you're trying to do. You mentioned you have limited credit and FHA is much easier to get financed and have very low down payment of just 3.5%. Let me know if you need any recommendations. I hope that helps.

Wells Fargo. Let me know if you need a contact from there.

Hi Mike, I specialize in mortgage lending including helocs and I wouldn't recommend replacing your fixed rate mortgage with a heloc. Rates have been going up and heloc rates are variable. There are fixed rate advances on a helocs where it could be a fixed rate for a specific amount of years. I don't know the entire picture of your current mortgage situation but if you do have some equity to qualify for a heloc and leave your 1st mortgage alone then it would be a good idea. The heloc is good to have for reserves or large unexpected expenses with the ability to potentially be tax deduction on the interest. Consult with your CPA on that. Hope that helps. Let me know if you have any questions.

Hi Mark, My lender can finance up to 60% CLTV on a heloc on investment properties. No closing cost. Let me know if you would like to learn more.