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.
10 Essential Property Maintenance Tips for Boston Landlords
Maintaining a property in a city like Boston, with its harsh winters and historic homes, isn’t just a necessity—it’s a vital part of being a successful landlord. Proper upkeep ensures that rental properties not only attract and retain good tenants but also preserve their value over time. Regular maintenance helps avoid costly repairs and replacements,…
The Unique Challenges of Urban Property Management in Boston
Urban property management in a bustling city like Boston presents a myriad of challenges that require a nuanced approach. From the intricacies of residential property management to the complexities of commercial and mixed-use properties, the unique urban landscape demands a tailored strategy. In this article, we explore the distinctive challenges faced by property managers in…
Enhance Your Real Estate Experience with 3D Tours
In the competitive world of real estate, visuals play a crucial role in capturing the attention of potential buyers or renters. While photographs and videos have long been used to showcase properties, the introduction of 3D tours has revolutionized the industry. Green Ocean Property Management understands the immense value these tours bring to the table….
Experience exceptional management and elevate your property with us
