Refinance: What is it and How Does it Work?
Reading Time: < 1 minute 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.
Pet Policies that Work: Balancing Pet-Friendliness with Property Protection
Reading Time: 2 minutesIn today’s competitive rental market, attracting responsible pet owners can be a game-changer. But how do you create a pet policy that welcomes furry companions while safeguarding your investment? The answer lies in striking a balance between pet-friendliness and property protection. Here’s a roadmap to crafting a pet policy that benefits everyone. Clear Communication…
Transforming Kitchens with Green Ocean Property Management
Reading Time: 3 minutes Standing before one of our remarkable kitchen renovations, we couldn’t be prouder of our transformation. At Green Ocean Property Management, we understand the importance of creating a high-end aesthetic that enhances a property’s overall value and appeal. In this blog post, we’ll take you through our process of transforming kitchens. From extending cabinets to…
Understanding Real Estate Cost Segregation
Reading Time: 2 minutes If you want to save while making more money in real estate, you have to be knowledgeable in cost segregation. Learn it here. In today’s article, we are talking about real estate cost segregation: what it is and how it will benefit you. Defining Cost Segregation Cost segregation is a generally utilized…
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