I'm closing on my very first house on this upcoming Monday with a 30 year VA loan. I was wondering from people with experience with a VA loan what is the best time to refinance out of it so I can put the property under a LLC or do I even have to refinance it? Would refinancing at any point be a positive thing to do or would it make it worse? Thanks in advance.
If your credit score is still mending and your home's value has been slow to rise, sticking with an FHA refinance may work best for you. if your home has gained value in the past few years of the housing rebound, you may be able to forgo future mortgage insurance payments.
Look at refinancing after you have 20% equity or more to avoid PMI. You may want to redo at some point to use VA for your next personal home. There are a ton of variables and you just have to reevaluate every few years to see where you are at and where you are going.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you