All Forum Posts by: Account Closed

My current mortgage absorbs property tax and insurance information from one payment - then pays the appropriate parties on my behalf.  

While looking into refinancing, i have noticed these quotes do not take that into account.  I understand if that isnt the case i can contact my insurance company and set up an autopay - but how do property taxes go? are they billed once a year or monthly typically?  How/where would I be able to set up something like autopay?

Apologies, i am just very unfamiliar with this process, and the BP community seems extremely helpful in giving newbies advice.  - Any insight would be much appreciated - thank you!

I am in a similar situation. 

Original Mortgage: 90K 30yr fixed

Current Appraised value: 160K (25 years left on mortgage)

Mortgage Ballance: 60K

What do you think about refinancing? go for 90k and cash out (keeping payments about the same)?

I am curious if it would be worth it to refinance my primary residence.  I have 50k in equity in my home - and considering a cash out refinance on another 30 year loan (keeping payments about the same - extending the loan back to 30 years - and pulling out 50k in cash). I currently have about 20k in the bank and was thinking it would be good to have plenty of padding for the 'what-if's'.  I currently put aside 2500 monthly in savings to go specifically towards real estate rental investments

My intent would be using this for a down payment on a couple 100k rental properties, but just wondering if anyone has done this before. Any advise or guidance would be welcome!  Thanks!!