What Would You Do
I have a property that has 2 loans totalling 174K balance. The primary loan is a 15 year loan and the 2nd is a 30. The total monthly is just over $2,000.
This is higher than the going rental rate (about 1300-1500) but the sales comparibles in the are very good and moving higher.
We are moving out of this house in October and are scratching our heads what to do with this one. Obviously we will not be able to get enough rent to cover our mortages and we have never done a L/O.
If faced with this situation, what would some of you do? Thanks in advance,
Jeff
Look at refinancing both loans to one 30 year. If thats not enough reduction look at an ARM or an interest only loan.
So would you then rent or L/O.. I thought having a 15 year loan was a good thing to have. Sounds like you would not agree with that for this situation, is that correct?
Just trying to understand, oh and by the way it could be a problem refinancing as we are getting financing for the house we are moving into.. Thanks Mark