Newsflash: Cash-out Refi to purchase 8 units, FL

I’m cashing equity out of 3 of my properties so I can use the money to purchase a set of 4 duplexes. I got this quote yesterday from a lender. Does this seem decent for a portfolio loan? They can’t seem to also include the purchase of the 8 unit in the mortgage as well, which would be preferable.Owe: 163kNew mortgage : 294k7.15% 7 yr ARM,5 year prepayment penaltyclosing costs 19kprepaid/reserves 9k.The closing costs sounded really high to me. Is this standard? They told me this loan program is ending today so I wouldn’t be able to get it after today. I’m planning on continuing to shop rates more, but I wanted to see what people thought.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s