All Forum Posts by: Daniel Herrera

@Mike McCarthy thanks for your help! To get the best rates, would you recommend calling local banks or trying to find local MLO’s?

@Brenden Mitchum thanks I haven’t heard of a local credit union as an option. I’ve heard a few people suggest a local bank. Do you know what type of refinance interest rates I should expect for a 15 vs 30 year mortgage? If I did an 80% cash out refi.

@Mike McCarthy the seller wants to do a quick close cash purchase so I would not be able to financing from the beginning. After a seasoning period of let’s say, 6 months, if I wanted to refinance what type of interest rates should I expect to get for 15 vs 30 year mortgage?

Hi guys, I’m planning on buying a duplex for $50k in cash. The duplex is already rented out. Rental income is $1k per month. Property is in good condition.

After I buy the property I would like to refinance and pull out 80% of the equity ($40k) to use for another rental property.

I’m wondering what type of lender or bank should I target for this type of refinance and what interest rate should I expect?

Thank you in advance for your help and feedback. If there's any other pitfalls I should look out for please let me know!