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.
Setting Boundaries: How to Maintain a Professional Relationship with Tenants
Reading Time: 3 minutesBeing a landlord can be a rewarding experience. You provide a place for people to call home, and in return, you receive a steady stream of income. However, a successful landlord-tenant relationship requires more than just collecting rent on time. It also hinges on establishing clear boundaries that foster a professional and respectful dynamic. …
Green Ocean’s Off-Ramp Process and Fees
Reading Time: 2 minutes We often receive questions from our clients and tenants about our off-ramp fees. In this article, we will discuss that thoroughly. Green Ocean’s Off-Ramp Process and Fees Our off-ramp fee is a one-time fee. The majority of our landlords stay with us for the duration that they own their property, but there…
HomeWiseDocs, Explained
Reading Time: 3 minutes Gone are the days when paperwork for sale or refinance of properties is done manually and takes a while to process. Today’s article shows you how HomeWiseDocs simplifies complex and time-consuming tasks for property managers to serve you quickly and efficiently. What Is HomeWiseDocs HomeWiseDocs is a third-party company with a website…
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