What would do about this amount of equity and outstanding loans?

3 Replies

Hi guys,

I'm asking on behalf of someone I'll post their situation in numbers and tell me what's best for her please, and thank you.

Primary residence worth 3.7 mil has a no adjustable mortgage 162k at 3.5%

Multi family worth 3 mil and has 166k mortgage with 3.2% rate.

Line of credit 124k at 4.8%.

What would be her best option to consolidate all the loans under one mortgage at a lower interest. They are all currently with Chase, should they stick with them and refinance or look elsewhere for better rates?

What are her goals in doing this Ouman? That would likely determine the best way to proceed. There are closing costs associated with a refinance of course, so that should be factored into the equation.

Originally posted by @Dan Barli :

What are her goals in doing this Ouman? That would likely determine the best way to proceed. There are closing costs associated with a refinance of course, so that should be factored into the equation.

 A way to combine all the three so they have on payment and save them money at the end with lower interest rates. Chase doesn't seem to give the best rates, any out there that are better? Thank you.

Lots of banks have different options Ouman. I would suggest seeing what they can do for her. Combining multiple properties may put you into a portfolio lender space.