Refinance: What is it and How Does it Work?
What is refinance A refinance is when you’re going to work with either your bank or a mortgage loan originator. When you originally get a loan, they’re going to be able to borrow money. And what they’ll do is give you $100,000 and then they might charge you an interest rate. That…
What is refinance
A refinance is when you’re going to work with either your bank or a mortgage loan originator. When you originally get a loan, they’re going to be able to borrow money. And what they’ll do is give you $100,000 and then they might charge you an interest rate. That interest rate might be at a 5%. That means 5% of the loan amount each year’s paid is what they call it interest.
Example of Refinance
So when you refinance a property, you can either rate in term and lower that rate. You might go from 5% to 4-3%, or you can cash out. You can cash out base upon equity. Equity is either build up through the pay down of your principal from each mortgage amount that you pay it down or from the value of your home and what they’ll let you do is typically borrow up to an LTV, which is a loan to value. If your property is worth a million dollars and they do a loan to value of 80%, you can borrow up to 80%, that means $800,000, so refinance is typically either to lower your rate or to cash out.
If you or anyone else you know, is looking for help in refinancing, please think of us, Green Ocean Property Management.
Why we get the appliance model and serial numbers
In today’s article, we’re going to be covering another unique way that we do to save our landlords’ time and money and the things we do to be more efficient and effective in managing your property. Money-saving Tasks that We Do #1 We get the appliance model and serial numbers Whenever…
3 Landlord Expenses You Might Not Have Considered
Our job as a property manager is to make as much money as possible with your property. and that means maximizing your income and minimizing your expenses, but our founder, Jarrett Lau, runs a company as well and has to make sure that his people are taken care of and we do things such…
How to Make Money on Investment Property through Long-Term Appreciation
Investment properties offer an appealing avenue for building wealth. By purchasing real estate to earn a return on the investment, either through the future resale of the property, rental income, or both, individuals can secure a steady flow of passive income and enjoy excellent returns over time. However, the potential for financial gain extends beyond…
Eliminate bad tenants, late rents and headaches today
Find out how we help improve the lives and properties of hundreds of landlords.
