All Forum Posts by: Elias Halvorson

Aloha Brian,

I would not refinance right now. First, Austin made a good part about potentially having two loans, most lenders were still getting their clients into government loans ie FHA, VA, & USDA with rates in the high 3s in early 22, now it is high 5s/low 6s. Yes, you will save on the PMI but youll also be at 2%+ higher rate. I never recommend people shorten their loans. If anything, split your payments in 1/2 and pay twice a month, and/or pay more towards your principal whenever you feel like it. However, the lower payments give you flexibility in case a major life event stresses your finances and/or monthly cashflow.

Aloha Farod! Happy to connect. I'm here on the Windward side if you are doing deals here in HI or in WA state. For other deals Im happy to be a sounding board. 

Quote from @Corey Crowley:

I appreciate the response John. My plan was to do something very similar and use the cash out for new property down payments. I assume the rate on DSCR loans are slightly higher than traditional financing or home equity loans, is that correct?

Hi Corey, the rates are higher for DSCRs, there is a points charge, usually a 3-5 year prepayment penalty, etc. you possibly could do an investment HELOC on all of them but the rates would likely be worse than any other option. 

I see the insurance issue being a long-term problem in FL. Regardless of the construction quality, that wont prevent double digit annual increases in your HOI. Id either focus on flipping - maybe pick up some good deals now in the weather affected areas, or getting duplexes in other states less likely to be affected by Hurricanes. 

Hey Jasmine, yes, as stated before, a DSCR cashout is the way to go if it is an investment property.

It’s a tough situation and your feelings are valid. You have a lot of empathy that many in this industry lack. I would recommend hiring a property manager. It might cost you 10-15%, but they can make the decisions and handle the business side of things for you and you don’t have to lose any sleep over it. Plus, if a property manager took over and raised the rent to market price, they’d pay for themselves immediately. 

I pretty much second everything Chris wrote with the one addition of id recommend getting a personal loan if you could swing the higher monthly payments. Much lower costs/fees. 

Quote from @Felicia Richardson:

Hi all! Can someone suggest a Lender to me, that offers Rapid Rescore? I'm in Georgia. 

Hi Felicia, almost all should offer this via whatever company they use to pull your credit. It would be strange if they didn’t. 

Damn man, sorry to read this. You may be able to find another one, likely with a bigger down payment. Unfortunately, you might have to go the hard money route. 

You seem to have answered your own question. Unless you have some ridiculous deal and need funds to close it now, then it makes sense to refinance in 3.5 months. You state, "your lender" - I admire the loyalty but also would recommend you get a minimum of 3 quotes (at least two from mortgage brokers). Let them know you are shopping and tell them to give you their best offer (all on the same day), and state you will go with whomever can save you the most money.