All Forum Posts by: Sergio Moreno

Thank you Zack your reply helped me with my decision. I'm going to wait and just refinance on a conventional loan instead as soon as i get near the 80% balance. I need to remove my MI.

Hello Zack. Thank you for your previous comment to my refinance question. This is the new offer from my lender.

Loan balance 244,366. He claims my payoff amount is 246,900. Th new loan will be 248,500. I purchased the property on feb 2018. I would reset to 30 years. Old payment 2,146 new payment will be 2,140. I need to bring 2,600 to the closing. Apparently i was about 2,800 dlls short on my escrow and my payment was about to increase to 2,455 the first year to catch up and will stay at 2,255 after that. I'm at 5.0 right now and was offered a 4.5. Should i do it. Any assistance would be appreciated. Thank you.

Hello everyone I'm an investor here in El Paso. Good to hear from you guys.

Thank you

@Andrew Kiel

Thank you for your input.

Hello i was contacted by my lender and was offered a streamline refinance. I agreed because the lender had said that the loan would only go up a couple of hundred dollars.

I received my documents to sign and the entire refinacing would cost over 8k. I would save half a point from a 5.0 to a 4.5. My loan would go up $4300 i need to bring $2600 to the closing. All this to save 80 dollars a month. I bought the property exactly a year ago at $247,450, i owe $242000, if i take the streamline my loan would go back to $246,500. This is my primary residence...i pay 171 dollars on MIP for the life of the loan. Should i wait and try to refinance to a conventional loan in the near future to remove the MIP instead. I see that it would take me over 5 years for me to start seeing the savings if i agree to the streamline.

@Bob B. That helps thank you i will do that

@Bob B. I'm worried about any future problems with tenants making allegations as far as health issues or having a hard time getting tenants because of that.

I'm bidding on a property that was built in 1978 and have until tomorrow to make a better offer. I'm going to use this property as a rental but now I'm worried about the led issue. This would be my first property with this problem. I need some help in deciding whether to let it go or continue with the process. I would like to hear from people with Similar properties preferably in the state of Texas.

I'm planning on turning my third car garage into a room but other than that it will be at the same value.