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.
The Difference between Local and Central Fire Alarm Systems
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DIY or Delegate? When to Tackle Repairs Yourself and When to Call a Pro
Reading Time: 5 minutesAs a property owner or manager, you understand the importance of keeping your property in tip-top shape. Regular maintenance not only ensures a comfortable and safe living environment for tenants but also protects your investment and avoids costly repairs down the road. But when it comes to repairs, the question often arises: should you tackle…
The 10 Best Financial Reporting Software Tools for Property Managers
Reading Time: 8 minutesManaging properties is a juggling act. You’re keeping tenants happy, responding to maintenance requests, and making sure everything runs smoothly. But when it comes to financial reports, those trusty spreadsheets can turn into a nightmare. Endless rows of numbers, manual data entry, and the constant fear of errors – it’s enough to make any property…
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