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.
How Technology is Revolutionizing Property Management in Boston
Reading Time: 4 minutesAre you a property owner or investor in Boston curious about the future of property management? In today’s blog, we’ll discuss how technology is revolutionizing property management in Boston. Let’s start exploring the exciting developments on the horizon through trends and innovations. Trend 1: Smart Home Technologies Integrating innovative home technologies like automated…
Navigating Complex Repairs at Beacon Hill
Reading Time: 2 minutesIn the heart of Boston’s historic Beacon Hill, where narrow streets, tight sidewalks, and bustling residents define the landscape, Green Ocean Property Management recently undertook a complex repair project: replacing an oil pipe. As any Beacon Hill local knows, the intricacies of this neighborhood demand careful planning and execution, especially when it comes to major…
Difference between Real Estate Agent and Property Manager
Reading Time: 6 minutesIn this article, we are going to discuss the difference between a real estate agent and a property manager. Too many times we have heard a landlord say, “I got someone that helps me out with my property.” So we ask them, “What do they do for you exactly?” They reply to us and say,…
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