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
Private Lending & Conventional Mortgage Advice
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 over 12 years ago on . Most recent reply

User Stats

26
Posts
2
Votes
John J.
2
Votes |
26
Posts

Refi Deal Review

John J.
Posted

I'm looking to refi a loan on my rental property. There are a lot of red flags but the numbers seem to be better. My goal is to hold the property for at least 10 years and I've had it for 7 already.

Here are the numbers
current 30 yr fixed 5.875 with 23 months to go
balance 75,392
payment is 487 117 principal 369 interest.
10 year remaining balance would be 56,555

New loan
30 yr fixed 3.99 int rate
starting balance of 83,000 (high due to points& closing costs wrapped in loan)
payment of 395 119 principal 276 interest
10 year balance of 51,554

The numbers aren't great but I would save $94 a month
and walk away with $5000 more in equity in 10 years.
My only upfront cost is $500.

Its thru quicken loans, am I being ripped off, I also found out my loan is eligible for harp 2.0 so should I continue my search? I've tried one other broker but he basically said it wasn't worth it. Any thoughts? Should I shop around more, my credit & ratios are all excellent.
Thanks

Loading replies...