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Updated about 4 years ago on . Most recent reply

Shivam Patel's profile image
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Shivam Patel
  • Rental Property Investor
  • from Merchantville, NJ
  • Member since Jul 24, 2019
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Shivam Patel's profile image
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Shivam Patel
  • Rental Property Investor
  • from Merchantville, NJ
  • Member since Jul 24, 2019
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Shivam Patel
  • Rental Property Investor
  • Merchantville, NJ
25
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116
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Innovative Strategies

Refinancing from FHA to Conventional? Need help

Shivam Patel
  • Rental Property Investor
  • Merchantville, NJ
Posted

I bought my property in September at fha for 2.375% and I almost have enough capital to get my equity to 20%. I want to refinance into a conventional so I can leave my house hack early and cashflow $500, and reset my fha so I can use it to finance getting another property. Is it worth it?

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Nicholas Covington
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  • from Dallas, TX
  • Member since Mar 27, 2017
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Nicholas Covington
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  • from Dallas, TX
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Nicholas Covington
  • Mortgage Broker
  • Dallas, TX
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Nicholas Covington
  • Mortgage Broker
  • Dallas, TX
Replied

No one is really going to have a good answer for you without doing the numbers. Get with a mortgage professional and have them run it. Your rate is going to increase by close 1% based on current conventional rates.

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