All Forum Posts by: Prashant Bagri

Hi All - I wanted to understand what options I have to do a cash out refi on my rental property?  Home is worth about $700k - and I have a 2.75% 30 year mortgage and I owe 425k on it.  I want to take some equity out of the home.  But considering the low rate on my original mortgage, and the high current rates, what options do I have to do a cash out refi and not impact the mortgage at 2.75%?

Thanks

Hi All,

Same question as above - is there a meetup this month?

ok thanks - Has anyone used diycostseg.com ??

Is there an easy/cheap way to do a cost seg?  I am looking to do for for my single family rental I put into service this year

Hi - I wanted to do a cost segregation study on my property -  what is be best and cheapest option to do one?  Is there an online DIY place I can do it?

Thanks

Hi Caroline - thanks for the info. So it it common to be able to ask the HELOC lender to reduce HELOC limit? My HELOC is through First Tech FUC - FYI. Does anyone know?

Hi - thanks fir your response. So to clarify there is no Federal requirement for a 75 percent LTV on the current primary (which will become a rental) to close a second mortgage?

Hi Folks - I am about the close my 2nd home in 10 days (The 2nd home will become my primary residence). I already have rental agreement in place to lease my existing home. Last night, the banker emailed me and said that for them to be able to use my rental income for Debt/income calculation, they need my LTV for 1st home to be below 75% instead of the current 78.33%. They requested that I close my existing HELOC to meet that criterion.

I have a few questions for the experience folks here:-

1. Is there any way around this 75% LTV requirement that are stating now this late in the process? (Home has been under contract since feb)

2. Is it possible to request HELOC bank to reduce my credit limit by a certain amount so I fall under the 75% LTV requirement

3. Can I request exception from the mortgage company since we are really talking about only 3%?

FYI - my HELOC is not drawn and has 0 balance on it

Thanks