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Updated about 8 years ago on . Most recent reply

Chad Fagan's profile image
Chad Fagan's profile image
Chad Fagan
  • from Greater Hartford area, Connecticut
  • Member since Sep 28, 2016
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23
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Chad Fagan's profile image
Chad Fagan's profile image
Chad Fagan
  • from Greater Hartford area, Connecticut
  • Member since Sep 28, 2016
Connect
Chad Fagan
  • Greater Hartford area, CT
3
Votes |
23
Posts
Private Lending & Conventional Mortgage Advice

Need advice for financing situation

Chad Fagan
  • Greater Hartford area, CT
Posted

Hey all,

Could anyone offer any advice for this scenario?

Primary residence: Owed $6k @ 3.85% worth $515k 

HELOC against primary: $277k @ 4.0% variable, interest only. Repayment period starts August 2018.

Rental 1 (purchased with HELOC): Worth $210k

Rental 2 (purchased with HELOC): Worth $100k

Rental 3 (purchased with HELOC): Worth $100k

We want to buy another property worth $135k. What would be the best course of action? Does it make sense to refinance? How about lumping together the 3 rentals into a commercial loan situation?

Thank you!

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