Refi Dilemma. Advice Is Appreciated.
I would like to refi my primary residence and a rental property and I can’t determine if I should do it. So far, this scenario works the best for cash flow purposes:
PR from 122k to 136k-----1.25% + 2.75 rate-----8k cash out---80%ltv.
HELOC for $15k---90%ltv
Rental from $62k to $64k -----1.25% + 3.5 rate ----$2k out of pocket to close ---80%ltv
My questions are -----both of the 1st mortgages have a total of +/-$6k in closing costs (not including title, recording & pre-paids) and the broker is getting $2150 of that. Do these figures seem normal and if they do, what kind of terms should I request for the HELOC? Is the margin paid to the broker or the lender? There are a ton of lender fees. Can someone please explain the junk fees ---what is negotiable and what isn’t?
All advice and opinions are welcomed and greatly appreciated. I am learning the ropes slowly and I have to say the speed of my learning has increased tremendously thanks to all here at this site. Thank you all for your participation here and your blessings.
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