All Forum Posts by: Matthew Graves

 Conventional

I'm in a similar position and I've decided to go the HELOC route. We have a 2.99% interest rate and while refinancing would allow me to pull cash out tax free, it would raise my mortgage payment significantly (lowering my monthly cash flow). I'd recommend securing a HELOC. First National Bank has an 85% LTV, 1.99% 3 month intro rate, and prime minus 1.01 for the life of the loan. I know another HELOC lender that has an option that is locked in at 5.9-6.5% for the life of the loan but charges 3 points. I wasn't ready to drop $10k in fees but someone else may depending on their scenario.

I just submitted for mine to be removed but gave them a call first as the form mentioned BPO's costing up to $190 and Appraisals costing up to $450. After speaking with the lender, sometimes they don't even require a BPO or Appraisal depending on the situation. We'll see what happens. I'll be saving $50/month. 

 $0 on the PA one. Not sure on the NC just yet

After learning about the different laws, specifically in PA, it seems we wouldn't be able to do them all together after all. So that seems to be the plan now, 2 together in NC and 1 in PA by itself. We currently have a quote at 7.25%, 30yr, no points, 75% LTV. Not sure we're gonna get better than that. We'll probably sell these in a year or two so buying down the rate wouldn't make sense either.

 I'm finding that out after speaking to a few lenders. Thanks for the input!

 Good point that I honestly didn't even think of regarding the partial release. My thought was to wrap them all in one in order to have easier management and a better rate ideally. 

We are looking to refinance three of our rental properties. Two of them are new construction single family homes in North Carolina (Lincolnton, NC & Statesville, NC) and the third one is a renovated single family home in Pennsylvania (Natrona Heights, PA). All are performing. 

Couple Questions:

1. Does it matter if the properties are in different states? 

2. Can anyone recommend a lender who would do this?

3. Any chance we could throw a parcel of undeveloped land (Dallas, NC) in on the refi as well?

Valid point. I'll definitely post my findings, good or bad.. It may just be a scenario where I have to bring in a co-applicant to get me as much as I can get. Thanks for the suggestions!

I'm just getting access to the funds for upcoming real estate investments (BRRR's). Not for anything specific at the moment. They aren't saying they are applying the portion I plan on pulling at closing but the entire amount.