All Forum Posts by: Shashitha Francis

@Shashitha Francis- definitely not worth refinancing as rate will be more than double what it is now .....if you want to access some of the equity of the property ...consider getting a HELOC ( 2nd mtg) on your prmary home to so this

 @Shashitha Francis it's difficult to find, but there ARE lenders that do HELOCs on rental properties (I have several).  In my local area, America First Credit Union offers HELOCs on rental properties (or at least they did last time I checked).  I'd recommend calling around to local credit unions and asking around...

Good luck out there!

@Shashitha Francis Im going to reiterate this, HELOC is your best option to keep the rate and tap into the equity.

Hey @Shashitha Francis, 

How much cash flow would you be losing if you refinance? 

If I were you I would try to get a rental property through seller finance before considering any type of refinance or HELOC. In today's market, there are tons of motivated sellers willing to do seller financing at a very low rate. You can even decide your monthly payment and have the loan amortized for as many years and add a balloon payment due in 5,7, 10, or 15 years that way the seller gets the money quicker and you have time to refinance when the lump sum is due.

Hope this helps, any other questions don't hesitate to shoot me a PM. 

best of luck, 

David

There is an alternative to a HELOC. You can do a second mortgage, up to 85% CLTV, on non owner occupied residences.Terms are 30 year fixed. Don't have to refinance your first.

There are some banks that allow HELOC's on investment properties. I would reach out to the local banks in your area and see if any offer this program.

@Shashitha Francis A HELOC is for a primary residence. You will not find a true line of credit product on non-owner occupied. But, we do have a product which I referenced in my first post.

@Shashitha Francis

I probably wouldn’t do it for only 60k unless you can get a great return on that equity. Your current interest rate is gold. That rate is an asset for you.

@Shashitha Francis Have you exhausted the viability of a HELOC first