Updated 3 days ago on . Most recent reply
When should we refinance?
Hi. My husband and I have introduced our 20-year-old son to real estate investing. We co-signed on his first investment property that he is going to hack. He bought a distressed single family home and has to do some cosmetic work plus replace windows, roof, and HVAC. He has to pay mortgage insurance and that makes his monthly payment too high for him. Once the repairs and updates are done (November), should we immediately refinance or should we wait until the market is better, say in the Spring? And is refinancing the only way to get rid of mortgage insurance? He's a struggling college student who needs this off his monthly payment. Thanks for any and all ideas and comments.