Mortgage Refinancing Help:

[The Ghost of Gulag River]

No need to think twice about this. Keep the 15 year loan and even try to pay it off in 8 years, the 3.8% rate is cheap money, so going to a 30 year loan will cost you substantially more.

If you need the extra $300/mo income, increase your hours at work or cut down on an unnecessary expense and increase the rent a little.

I will be in the same scenario with my current residence when I build my new home and I've decided to keep my 3.5% 15 year loan with only 12 years left on it, to be paid off in 8.

 

[Database Error]

Dude just told this man to pay the bank $813.00 a month for 30 years to save on taxes. I can't see the tax write-off each year being more than just one of the payments dude would save a month.

Guess its better if a white man tells them. Commonsense shit. Basic math.

 

[Ninja05]

At the end of the day - it all depends on whether you can cover the mortgage (plus operating expenses plus any capital expenses) then fine. It seems like you got your answer but cats were calculating the two mortgages as if debt service and rent wer the only consideration.

If you are upside down considering capital expenses, etc,, you might have to refi out, making any necessary improvements, and put some money in a reserve fund. Paying down the mortgage is all good if you first have enough money in ya reserve fund for preventive maintenance and in case shit happens funds. 15/30 doesn't mean shit when the tenants fuck up the property and the security deposit won't cover (and they have no money - so good luck on taking that to court).

The question you should ask is: where is the rental market going? Can you cover right now? Are there any improvements that need to be made?

 

[MadWun]

At the end of the day - it all depends on whether you can cover the mortgage (plus operating expenses plus any capital expenses) then fine. It seems like you got your answer but cats were calculating the two mortgages as if debt service and rent wer the only consideration.

If you are upside down considering capital expenses, etc,, you might have to refi out, making any necessary improvements, and put some money in a reserve fund. Paying down the mortgage is all good if you first have enough money in ya reserve fund for preventive maintenance and in case shit happens funds. 15/30 doesn't mean shit when the tenants fuck up the property and the security deposit won't cover (and they have no money - so good luck on taking that to court).

The question you should ask is: where is the rental market going? Can you cover right now? Are there any improvements that need to be made?

Rental market is great. Amount collected currently covers the mortgage on the property.

Outstanding balance is $98,000 and I can sell that house today for $150,000 easily.

Before we rented it out, we made most of the improvements needed.


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[MadWun]

No need to think twice about this. Keep the 15 year loan and even try to pay it off in 8 years, the 3.8% rate is cheap money, so going to a 30 year loan will cost you substantially more.



If you need the extra $300/mo income, increase your hours at work or cut down on an unnecessary expense and increase the rent a little.



I will be in the same scenario with my current residence when I build my new home and I've decided to keep my 3.5% 15 year loan with only 12 years left on it, to be paid off in 8.

Thanks Sir Jagu.

Funny thing was we were not even considering this, but was proposed by the mortgage company.




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[eatcake]

man take the 30 yr loan with the ability to pre-pay send in an xtra hundred a month to be applied to the principle its like paying off the 15 yr loan in 10-12 years

 

[jagu]

Thanks Sir Jagu.

Funny thing was we were not even considering this, but was proposed by the mortgage company.




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Of course. It benefits them for you to go to a 30 year loan.

 

[simonmarcel]

Rental market is great. Amount collected currently covers the mortgage on the property.

Outstanding balance is $98,000 and I can sell that house today for $150,000 easily.

Before we rented it out, we made most of the improvements needed.


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That doesn't mean shit unless you're house is worth less than 150k.

 

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Dude said fuck math extend a mortgage 20 years longer for tax breaks I can't Fuck bgol

 

[jagu]

Dude said fuck math extend a mortgage 20 years longer for tax breaks I can't Fuck bgol

 

[456.North.side]

depending on if you have a need for the $$$ now? then maybe, but factor in the closing costs etc. If you take it for some need now, just go hard on the pymts and pay it off early. Plus its a rental and "they" are paying it not you.... I wish I would have financed my rentals ....

 

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was proposed by the mortgage company.




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