All Forum Posts by: Sang Yi

They have around 800k in equity but not wanting to sell. The kids are graduated from college. They used the 100k from equity to finance education which I think it's no use.

FHA loan with 3.5% down will definitely pay PMI. Good luck and don't stress too much.

They have around 800k in equity but not wanting to sell. The kids are graduated from college. They used the 100k from equity to finance education which I think it's no use.

Thanks all for the replies. Much appreciated.

I'm beginning to think my sister who is not so savvy keeps mentioning their current mortgage of 2k and saying multiply by 3 for income verification. I believe they are not correctly thinking of the appraisal and having to only mortgage 240k plus 100k. 

They don't want the cash out. Only looking to reduce mortgage with refinance to 30 yrs again for lower payment. Any advice on where or who to talk to??? Countrywide? Rocket mortgage? Bank??

They have 18yrs left on mortgage. Excellent credits with no miss payments ever. They're goal is to just lower the mortgage with no cash out but no lenders will approve without proof of income. They have like 800k equity. They showed prior pandemic around 4k/month income but not the case on paper now. No late payments or any forbearance.

By the way, 1.15 mil in Torrance CA is not a great mansion. It's old and tiny single story home.

They have 18yrs left on mortgage. Excellent credits with no miss payments ever. They're goal is to just lower the mortgage with no cash out but no lenders will approve without proof of income. They have like 800k equity. They showed prior pandemic around 4k/month income but not the case on paper now. No late payments or any forbearance.

Need some help on this matter.

My sister has a home in Torrance, CA. It's worth around 1.15mil. She has 245k left on mortgage plus around 100k equity loan she used for kids school. Around 18yrs left after last refinance for 4.50 interest. They both have excellent credit.

They have a small mom and pop store for nearly 20 yrs. They always never reported proper income. With the covid pandemic they were struggling till today but getting by.

They want to refinance only to lower mortgage with lower interest..no cash out.. But they can't do it without showing proper/qualifying income. They have a lot of equity but are they stuck? Only way is to sell??

I initially thought to hold it for duration even if small negative cash flow, thinking the home would appreciate more equity over time. I guess this is why I'm here to ask from experienced investors. Thanks again for knocking some sense into my dumb idea.

Current rental market here is very good. $1500 is on the lower ballpark, due to shortages of homes/rental. I plan on purchasing again to live with no down with no pmi. I just don't like overpaying market price.