All Forum Posts by: Enwan Casson

Thanks Charles! You do have a point; no prepayment penalty allows you to easily refinance.

Thanks Erik! I will look into a 3 or 2 year instead of a 5 year.

Good afternoon, 

I want to do a cash out refi for one of my rental properties. I have two loan options to select from (30 year fixed and a 10/1 arm). 30 year fixed has an interest rate of 7.875% with a 54321 payment penalty. The 10/1 arm is at 8.0% with no payment penalties. 

I  don't plan on selling this rental property.  Which one is the best one? Thanks.

Good evening to all,

My name is Jason, and I am new to this platform. However, I am excited to meet people and learn about real estate.

Can someone advise me on HELOC on rental properties. I want to take out a HELOC on one of my rental properties. Currently, I have a tenant that lives in my rental. I heard that to be eligible for an HELOC, you have to live in the property for 12 months. I also heard that banks don't like to give HELOC on rental properties. How do I get around not living in my rental property, but still get a HELOC on that property? Your help will be greatly appreciated. Thanks!