All Forum Posts by: Elias Halvorson

Justin, 

Most of us are happy to help and offer advice, but in order to offer good advice details are usually needed. So much more info needs to be given in order for us to give you decent advice. 

- What is your interest rate on your current mortgage? It wouldnt make much sense to pay it off only to get a HELOC... Refinancing doesnt make much sense unless you have A LOT of equity and are pulling some cash out. You wouldnt want to do a rate/term refinance as you barely owe any money and the title/escrow fees alone would be cost prohibitive. And of course, what are you going to do with the money should you take cash out via a HELOC or a cashout refinance?

I would recommend shopping around, especially with a local mortgage broker. Is this a conventional loan for a refi-cashout on an investment property or is this a DSCR cashout? For conventional refi-cashout these terms are very high. What is your credit score? If this is for a conventional cashout feel free to DM me - I can go over the rates I am seeing. But if you have good credit, and this is a conventional loan on an investment property that is a SFH - you should be getting a lender credit, not charged points at 7.125.

 Hey Antoine, 

As Mike stated, your best bet is a local credit union. Any lender should be able to easily do a HELOC for you (provided your credit is OK), but a local credit union will likely give you the best deal.

V/r,

Elias 

Tons of lenders will do this - just go to findamortgagebroker.com and search your local area. Each one you find probably has 10-30 DSCR lenders they work with that can do this. There is no issue doing it in your personal name.

Personally, I would be careful in Florida. I am biased but I see property insurance going up higher and higher annually from today's rates. If I were you I would factor in a 50-100% increase in your insurance rates over the next 3-5 years. If your investment is still profitable with the increase, then press ahead. Just my two cents. 

Cameron, I would look at doing a DSCR Cashout refi for 1 or more of his properties. Pretty easy to do and everything will be based on the cash flow of the properties. With that cash he should be able to easily purchase in that higher threshold. And any of those mortgage brokers you find should have 5-10 DSCR lenders they work with.

Aloha Cameron, 

Obviously, online reviews are a way. You can also look at findamortgagebroker.com, the site owned by Michigan's own United Wholesale Mortgage. That can point you to (likely) dozens of mortgage brokers in your area. You can google each one, look at their online reviews, call them to see if they are a good fit for you. Search for a few local mortgage brokers and discuss the options you're looking for. I have heard good things about Kiave, but I do not broker to them so I do not know first hand. Those are the avenues I would go down. 

As an aside - sorry about the game tonight (if you're a fan)! I think almost all of America was pulling for a Detroit - Bills SB! 

Hi Fay, I don't agree with most finance sites rankings because typically they are pay to play type articles where the lenders listed pay per click. Typically the clowns will list Veterans United as the best VA lender when they are typically are 1.5 pts (or more) higher than the typical mortgage broker. I am a mortgage broker and focus my lending in WA (where I'm from) and Hawai'i where I've lived the past 10 years and would be happy to give you a quote as well. Happy to connect