Refi what to do ....

3 Replies

Friends, I own a Co-op apartment in NY with less than $50K on the mortgage with a long term tenant happy to renew. The rate is currently 5.875 and I would love to refi and even cash out something (current value around $110-120K). Not sure how to do the math ..... Worth it? I have excellent credit (about 805 as the middle score) and a SFR in FL with about 25% equity at current value. Both mortgages with Chase.

In the process of buying a third property to live in for a couple of years and then rent out in CO.

Any thoughts/advice?

My gut says complete the current purchase then move for cash out refi.  I have not run the numbers, but welcome thoughts.

@David Epstein , I agree that you should finish the current purchase before looking to do a refi. Best to avoid them bumping into one another.

As far as the cash-out refi, we need more info. What is the rent? What are all of your expenses? 

You want to be sure that the coop will continue to cash flow with the new debt. It's probably worth considering, though.

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