Refinancing Portfolio Loan to fixed 30yr Help Please!
All,
I really need some help or advice with this one. I have 7 properties that are financed with commercial loans. They are all the same 1200 sq foot townhouses.
I have 2 years left at 5% and then they can vary. 20 yr loan amortization. I would love to get these on a 30 yr fixed and get some cash out.
They are worth at least 80K each and I owe around 45K on each of them.
I got a quote of 30 yr at 5.6% with one point. 7 different loans up to 75% LTV.
I will have to pay penalties if I refi these 2 percent on 4 of them and 3 percent on 3 of them.
These average about 750 a month in rent.
I would like to pay off my solo 401K loan with the cash out it is like 30K. The payments on that are high like $2550 a quarter.
This will help my cash flow a lot and I wont have to worry about rising rates but oh my gosh the closing costs and penalties......
Should I do it?
Look for a better deal?
Need help on this one!