All Forum Posts by: Aaron Gallington

Agree with you 100%. I am getting quoted 6.5% now and am ok with that, but closing costs just seem high. This is what i have for closing costs. i think the only thing i can actually save on is the "discount fee". I am not including escrow for insurance or taxes.

- discount fee- 6,705

- underwriting fee- 1,495

- tax certificate and flood cert fee- 77

- capitol review- 165

- investor review- 400

- CR fee- 160

- VOE fee- 75

- Appraisal- 1495 (I know this seems high, but i have had multiple quotes)

- Title company charges- 2,100 (I have a quote)

does anyone know of a conventional financing institution that offers 75% LTV cash out refi on a duplex? Most go by Fannie/Freddy guidelines which is max 70% LTV

If i do wait, do DSCR rates typically/generally move down when fed rates lower like a conventional rate does? Not too familiar with DSCR.

I have started going down the road to do a DSCR cash out refi on a duplex (BRRR) I purchased last year with my HELOC, but not that far yet. I know rates have dropped a decent amount in the last week or 2, but based on what i am seeing/hearing about rates likely to continue dropping, wondering if i should hold out?? I don't need to refi now. Property is cash flowing well under my HELOC, and I don't really need my money back from my HELOC until next year when i will buy another property. Any thoughts?? property is worth 400K and i am doing a 75% LTV cash out. 1.6 DSCR. I am getting quotes in the mid 6% range now with about 12K in closing costs (not including escrow), and no PPP. Closing costs include all typical including title and appraisal. I also have no issue getting conventional financing, but am going DSCR in order to get up to the 75% LTV.

I don't think i really need any more quotes at this time, that is not why i am posting this, just wanted to get other's thoughts.....

I use my 400k heloc now for all cash purchases. I may wait then. My mortgage is 3% and my current heloc is prime minus 1/2. So I like my rates now. Thanks for input

So I have a home we built 5 years ago. We have a 480k mortgage on it, we have a 400k heloc as well that I use for investment purchases and then refinance after we fix up to pay the heloc off. I have done this with 3 properties so far. Homes have been getting more expensive and I want to see if it’s possible to get a second heloc on my primary residence. Home is worth between 1.5m and 1.6m. If I can get a second one, is 80 or 90 luv the max?

Thanks for al the input!! I am still working out what i want to do. Not in a huge hurry to refi right this second, but would like to. Just trying to swallow the rates..... i should have a good DSCR, my taxes and insurance are only $3,100 per year

Forgot to mention. Credit score is mid to upper 700's

New here on forum, so hopefully this is the right place to post.... My basic question is does this exist?

When I purchase my rentals, I have/use a large HELOC that i have on my primary residence to pay for the investment property in cash and also use the HELOC to renovate the property. Then the idea is that i will have the equity in the home after renovation to use as my "20%" when I refi, get the 80% back in cash and pay off my HELOC with it, then do it again. It usually works out that way, or i end up coming up with a smaller amount in cash to supplement.

The property: I have a duplex that i purchased in Washington end of last year. Paid $270K for it initially with my HELOC and used an additional $70K from my HELOC to renovate the property. I had a couple market studies done by some real estate friends and property after renovation should appraise at $425K or more when i refi. Both units are rented out at this time, for a total rental income of $3,600 per month. In about a month i hit my 6 month seasoning date to be able to do the cash out refi. 

I have a few single family homes that i purchased in the past couple years that i did this same concept on with purchasing/financing, remodel, and refi, but want to know if there is anywhere i can do the 80% LTV on a duplex. This is my first duplex and everywhere i have checked so far is saying they do 70% LTV on a duplex investment property. I would really like to do 80% LTV if i can find anywhere.

Any input or insight is appreciated!!