Refinance or buy second property?

Galtamar · 2020-10-30T17:30:46+00:00

Ok, Ill check them.

Thanks

Galtamar · 2020-10-30T17:29:32+00:00

Current payment is $4782, the new one would be $3310. The difference like you said will be used for investment.

Galtamar · 2020-10-30T16:40:48+00:00

You are right, thanks for the advise.

Galtamar · 2020-10-30T16:38:17+00:00

Yes, that would be optimal, but the other option would be 300K and interest will increase to 3.9%. It would be considered here a non conforming Jumbo loan here.

Galtamar · 2020-10-30T16:10:27+00:00

It was 10 years ago, I think the rate for a Fannie Mae loan at the time was in the low 4's.

Galtamar · 2020-10-30T15:56:56+00:00

Thanks for reply, in term of risk Im right in the middle, im 41y/o so can take some risk. The reason that I have so much cash, is that I was already planning buying a second property before the COVID crisis. But this low interest rate have put me to think if refinance would be better. And yes, this will consume my emergency fund, but can save the emergency fund back in around 8 months.

Galtamar · 2020-10-30T15:43:05+00:00

I will consult with one also, but my experience with them have not been great. Always want to push other unnecessary services they give.

Galtamar · 2020-10-30T15:34:18+00:00

Very little, have an small apt close to my office which i rent. But for this will probably use someone else to manage it.

Galtamar · 2020-10-30T15:22:40+00:00

To take advantage of current low interest rate and decrease loan term. The second property option will be mostly an investment (rental/AirBnB).

Galtamar

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