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Home Mortgage Refinance decision/options.

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  • mjdevito
    replied
    Yes, it seems the bank won't even do a 10yr fixed on a refinanced owner occupied biz mortgage anyway - unless its >$2mil. ha

     

    Just going to stick with the home mortgage refi.

     

    Thanks again.

    Leave a comment:


  • jfoxcpacfp
    replied




    Can I complicate the original question a bit…

     

    I also have a loan on an occupier-owned medical office 9yrs left on a 15yr fixed at 4% rate (private mortgage loan, not with bank).

    I wonder if rather than trying to refinance this one – I could consider to go forward with the above refinanced home mortgage loan at 2.875% for 15yr-fixed and THEN:

     

    take out a HELOC and pay off the medical office loan?

     

    thoughts? Thanks!

     
    Click to expand...


    Interest pd on cash-out refi's are no longer deductible bg 1/1/2018.

    Leave a comment:


  • Zaphod
    replied




    Can I complicate the original question a bit…

     

    I also have a loan on an occupier-owned medical office 9yrs left on a 15yr fixed at 4% rate (private mortgage loan, not with bank).

    I wonder if rather than trying to refinance this one – I could consider to go forward with the above refinanced home mortgage loan at 2.875% for 15yr-fixed and THEN:

     

    take out a HELOC and pay off the medical office loan?

     

    thoughts? Thanks!

     
    Click to expand...


    You'd be transferring a business debt and making it personal which I think doesnt make a lot of sense, but other wise nothing wrong with it. Then again a lot of practice loans make you put your personal assets at risk anyway, so maybe that doesnt matter.

    I would do whatever is cheapest and simplest.

    Leave a comment:


  • mjdevito
    replied
    Can I complicate the original question a bit...

     

    I also have a loan on an occupier-owned medical office 9yrs left on a 15yr fixed at 4% rate (private mortgage loan, not with bank).

    I wonder if rather than trying to refinance this one - I could consider to go forward with the above refinanced home mortgage loan at 2.875% for 15yr-fixed and THEN:

     

    take out a HELOC and pay off the medical office loan?

     

    thoughts? Thanks!

     

    Leave a comment:


  • mjdevito
    replied
    Im awaiting confirmation on the 2.875% 15yr fixed from bethpage credit union (in NY) - but here is the link (click on 'mortgages')

     

    https://www.bethpagefcu.com/rates-calculators.aspx

    Leave a comment:


  • StarTrekDoc
    replied
    Care to share on that 15yr?  We're kicking around a 15y since 4% 30yr currently and still 10-15yr out for planned retirement.  Best we've seen locally with 0pt and reasonable closing is 3.25

    Leave a comment:


  • mjdevito
    replied
    Great!  Yes.. I had calculated by doing the math on my own of $70K savings... zillows calculator states $63K (assuming $5K in closing costs)

     

    Thanks alot for that link share!

    And yes, we plan to stay in the home >10 more years

    Leave a comment:


  • jfoxcpacfp
    replied
    If you're planning on staying there past the breakeven point for costs, it makes sense. iow, probably break even in a few years - I would recommend planning to stay a min. of 5 yrs if you're going to refi. There are several good calculators online to figure out breakeven - Zillow has a very helpful one.

    Leave a comment:


  • mjdevito
    started a topic Home Mortgage Refinance decision/options.

    Home Mortgage Refinance decision/options.

    Currently have a fixed 20-yr 4% %530K home mortgage that is 3yrs in (i.e. 17yrs left).

     

    Found a refinance rate of 2.875% !!! for a fixed 15-yr mortgage.

     

    Result would be trivial change in my monthly mortgage but likely a savings of approx. $70K over the course of the loan.

     

    Anything I'm missing?  I do need to find out about xfer costs/fees,etc. - what would be ballpark fair amount for that anyway, $2-3K for all costs/fees included?

     

    Thanks!
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