Very informative info, TY. Question, is it mandatory that you have to live in the home that you refinance for atleast another year before you can move . I would like to refinance my primary and take out equity for downpayment on second home, rent out first and move to second. Not sure if it's a requirement from every lender. I have my home for 6 years.
Thank you Ivorine! No, you don't need to reside there after the refinance. You can certainly look to move into your new home that you are going to be purchasing.
whats the advantage of a 15 yr vs a 30 year unless the 15 yr has a better interest rate why not just opt for the 30 yr and pay extra towards principal that way if you get in a bind you can choose to pay less till you get back on track ? Something tells me its not that simple or is it?
The 15y will have a lower interest rate thus paying less interest over the life of the loan. You can certainly opt for the 30y and make additional principal payments if you are disciplined to do so. It can be tougher to qualify for a 15y mortgage since the loan term is condensed creating a higher payment.
I own a house in Florida which is over 455k. I don't have a loan on the house and I would like do to a cash-out ref for 250k to 300k. I'm using this money to build a new house few miles from the area on land that was given to me. The cost to build is 200k to 220k. Do you think it is a good idea to do a cash-out ref?
Hello, I want to consolidate and add a patio. Current rate 2.6 New would be about 6-7% Current mortgage 1200 New mortgage would be 1900ish Current monthly debt 1700 this includes 2 car pmts and cards. Is this a good idea? Would you do it?
That's a tough one. Would need to know what your total overall outlay is with the cards, etc. Shoot me an email and we can chat offline so we're not airing out your business. My email is seanu@genevafi.com
I question the ethics of telling people there are no tax implications and that you can use the money for anything. Most people deduct their Mortgage interest, but IRS Publication 936 states you can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds weren't used to buy, build, or substantially improve your home While its true you can use the funds for anything you like you will not be able to deduct the interest unless you used the funds for home improvement its also true that if you do refinance and lose your job you dont have to make payments for as long as you need however if you dont make your payments you will be subject to fines and the property can end up in foreclosure I was told this by asking the IRS which means its likely to be incorrect but reading the publication it seems to be true
Hi Erica, no you don't have to tap into all of the equity in your home. You will still have to follow the guidelines that all lenders will follow as far as the loan to value that is acceptable to take equity out.
Can you beat this deal? I owe 233k on my house. Int rate 3.125. Total monthly is 1,613. House appraised at 350k. Int rate will go to 6.37. They're paying off 72k in debt and giving me 13k. New payment 2,730. I'll be paying 1,100 more a month but will have an extra 2k a month to save or, more than likely, put it all towards my mortgage.
HELOC is what I need not going back to 30 or 15 years.. my int rate is pretty low
Very informative info, TY. Question, is it mandatory that you have to live in the home that you refinance for atleast another year before you can move . I would like to refinance my primary and take out equity for downpayment on second home, rent out first and move to second. Not sure if it's a requirement from every lender. I have my home for 6 years.
Thank you Ivorine! No, you don't need to reside there after the refinance. You can certainly look to move into your new home that you are going to be purchasing.
whats the advantage of a 15 yr vs a 30 year unless the 15 yr has a better interest rate why not just opt for the 30 yr and pay extra towards principal that way if you get in a bind you can choose to pay less till you get back on track ? Something tells me its not that simple or is it?
The 15y will have a lower interest rate thus paying less interest over the life of the loan. You can certainly opt for the 30y and make additional principal payments if you are disciplined to do so. It can be tougher to qualify for a 15y mortgage since the loan term is condensed creating a higher payment.
I own a house in Florida which is over 455k. I don't have a loan on the house and I would like do to a cash-out ref for 250k to 300k. I'm using this money to build a new house few miles from the area on land that was given to me. The cost to build is 200k to 220k. Do you think it is a good idea to do a cash-out ref?
Are you building the house to move into and make your new primary?
does it make sense to cash out refi to a higher rate for the sake of being able to place a downpayment on a 2nd property?
That depends on how much your payment will increase and the numbers on the second home you’re looking to buy
Hello,
I want to consolidate and add a patio.
Current rate 2.6
New would be about 6-7%
Current mortgage 1200
New mortgage would be 1900ish
Current monthly debt 1700 this includes 2 car pmts and cards.
Is this a good idea? Would you do it?
That's a tough one. Would need to know what your total overall outlay is with the cards, etc. Shoot me an email and we can chat offline so we're not airing out your business. My email is seanu@genevafi.com
I question the ethics of telling people there are no tax implications and that you can use the money for anything. Most people deduct their Mortgage interest, but IRS Publication 936 states you can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds weren't used to buy, build, or substantially improve your home
While its true you can use the funds for anything you like you will not be able to deduct the interest unless you used the funds for home improvement
its also true that if you do refinance and lose your job you dont have to make payments for as long as you need however if you dont make your payments you will be subject to fines and the property can end up in foreclosure
I was told this by asking the IRS which means its likely to be incorrect but reading the publication it seems to be true
Do you have to take all the money you qualify for ? I have an estimate of 44,000 i got the house for 124,000 and owe 117,00 now worth around 220,000
Hi Erica, no you don't have to tap into all of the equity in your home. You will still have to follow the guidelines that all lenders will follow as far as the loan to value that is acceptable to take equity out.
can you help me with a HELOC ? or send me in the right direction currently with rocket mortgage
sure, send me an email and we can connect. my email address is seanu@genevafi.com
Can you beat this deal? I owe 233k on my house. Int rate 3.125. Total monthly is 1,613. House appraised at 350k. Int rate will go to 6.37. They're paying off 72k in debt and giving me 13k. New payment 2,730. I'll be paying 1,100 more a month but will have an extra 2k a month to save or, more than likely, put it all towards my mortgage.
Shoot me your loan estimate and i'll take a peek. My email is seanu@genevafi.com
@@SeanUyehara Sure will. Probably be a couple of days before I can.