Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago on . Most recent reply

User Stats

8
Posts
1
Votes
SivaNaga Prasad Shola
  • New to Real Estate
1
Votes |
8
Posts

First Rental Refinance suggestion

SivaNaga Prasad Shola
  • New to Real Estate
Posted

Hi I took 2 properties and both are getting rehabbed currently. I do not own any other properties before. 

Property1 : 122k Hard money loan - 1200 monthly interest payment - This is going to be rented out after rehab

Property2 : 154k Hard money loan - 2300 monthly interest payment - This is going to be my primary residence.

Whats best way to get these two properties refinanced? Is there a way I can refinance both together to save the closing costs?

My credit score > 760

-----------------------------

I got refi quote for Property1 for 30yr fixed and the closing costs are as below : 

Origination fee - 1point

Loan discount fee - 1.3 points

Interest rate - 3.5% (with my wife being added to the loan)

Interest rate - 3.375% (just me on loan with tenant locked)

total closing costs (including orig fee and load discount fee) - 6500

Does the above quote is good or I can do better?

Loading replies...