rayout wrote:I am in the process of refinancing my residence - a duplex where I reside in one side and rent the other. I would drop from a 4.375% rate down to 3.625%. However the appraisal came back 20% less than my original purchase price from a year and a half ago due to the difficulty in finding comps for the property. 4 of the 5 properties used for comps had 20% less living space than my property.
I have the liquid assets to buy down my mortgage to meet 80% LTV and proceed with the refinance without dipping into my emergency fund (the past year I've been saving for the purchase of another rental property). Doing the math this nets me a return of around 6% on this "investment" (due to the extra savings on the remaining balance of the mortgage at the new rate).
Users browsing this forum: Bing [Bot], imada84 and 23 guests