Owner Occupied Re-Fi rates

[Zach Adams]

Hi BP! It's good to be back - been pursuing other career ideas recently, but looks like I'm coming back to REI!

Last year I bought a duplex using an FHA with 3.5% down as an owner-occupied. Currently doing improvements and looking to re-fi very soon with a large downpayment. Current note is $410k and looking to put $60k down to get loan to around $350k. The reason I'm doing this and not putting it into other properties is to make this duplex is cashflow like crazy when I leave in 2- 3 years. I also will be cutting my living expenses by ~1/2 greatly increasing my capital flow.

Anyways, getting a conventional with a 750 FICO, what are rates like today? I heard 3.75.  Thoughts? Is 30 days the quickest I can close a Re-Fi here in SD?

Hope everyone is doing well -

Zach

[Jerry Padilla]

@Zach Adams

You are right about that rate. You would need to pay PMI if the LTV is still at about 84%. It will be much less than FHA's MIP.