All Forum Posts by: Lola Og

Sent a DM as well. I'd love to attend :)

Thanks for the response y’all! Decided it wasn’t worth it

I just closed on an investment property in July for a really good price and area but unfavorable rates (4.75% 20 year with a 20% down payment). The only reason I went with that lender was because he was able to close in 2 weeks and in this hot market, that’s what made my offer the winning one to the seller.

American Express (and Rocket mortgage) is currently doing a promotion where they give $2k back for refinance and they are offering me 3.25% for a 15yr. My closing costs will be roughly $2500 PLUS they are requiring 25% down payment.

I have the liquidity to put in the extra 5% and $2500 closing costs, BUT I’m wondering if it’s even worth going through this. I’m not sure I’m going to hold the property long term I.e > 5yrs (depending on family plans) and the counter argument is that I can write my mortgage interest off on my taxes so why bother? (Not sure what % I can write off btw)

On the other hand, if I do keep the property long term, I’m thinking it’s a better idea to refinance?

What do you y’all think?

PS: The mortgage loan is only about $106k

Thanks for the response Solomon. I've never heard about this, but I will look into it.

Originally posted by @Account Closed

Purchased my primary residence in 2018 (30 yr mortgage), and as you all know interest rates have dropped so I am considering refinancing to a 15-yr at a really good rate (1.5 less than my current). However, there is a 50-50 chance that I will have to move next year. And with my HOA fees ($200/month) and given the average rent in my zip code, renting it out is not an option because I will only be breaking even.

Is it worth refinancing if there's a chance I'm selling next year? I would essentially lose my $3300 closing costs if I do. However, if I don't refinance, I will be leaving money on the table for a whole year.

Thoughts?

Thanks for letting me know! @Kyle Jones 

I have an engagement on Sunday, but I'll definitely see if i can move things around. Can I just drop in if my schedule permits or do i have to let you know way ahead in advance? Also, which Taco Mac?

Hi @Lisa G. @Anjlia Holiday thanks for the warm welcome :)

@Kyle Jones I plan on BRRRR. Okay, I will check out New Western and CL. Thanks a lot!

Thanks for the warm welcome @Brandon L. @Yusef Griffin! About to dig into all those links

@Kyle Jones thanks for the advice! The market in Atlanta area just seems to be a bit hit or miss (just from research) hence my wanting to see if there’s anything else out there. I’m planning to use a PM company and my price range is <120k. I’m currently navigating through all the BP resources [a little overwhelming, but step by step :)] I appreciate you willing to help/connect and I’ll definitely keep that in mind when I have questions.

@Richard Sherman no problem at all! I like questions, thanks for engagIng. My mom‘s home is in Tallahassee and I lived there for a while so I know the area pretty well. Same as Texas, I visit regularly enough that I am familiar with both metro areas. I just purchased a townhome (my primary residence) this past June, so I won’t be living in any of the units. Right now, just looking for investment purposes only.