As title says, I am looking for cash down refinance to reduce my loan.
Presently, I am having 4.375% on 30 year fixed. Since I am putting cash down, the mortgage investment property Loan to value will likely come down to 30% to 40% range.
I am trying to recast the mortgage to reduce my PITI and in parallel looking for refinance if that saves more money.
If any one recently refinanced/financed, let me know the rate and where can I approach…
Got a letter from Chase asking whether I want to refi to 3.875%. Not good enough since mine is at 4%
I just did with 4.125% - I did cash out too - mine were about 60% LTV. But my BoA contact said they can do better than that, I didn’t ask since I just finished this a month back.
I got 4.0%. I paid ~$1600 for title insurance and appraisal. Title insurance is a racket. The fact you have to buy a new policy when refinancing is insane. I don’t know anyone who’s ever made a title insurance claim either.
First, I am trying to recast mortgage to reduce PITI without changing the mortgage rate. If it is not working, I am forced to go refinance. I am almost paying down 50% of current mortgage to make a break even rent. If the reduce by PITI, by recasting my mortgage, I am fine to hold 4.375% as the difference will be around $125/month which closing cost eats away.
Yes, many times I refinanced, and same Title insurance high cost. Since this rental, I can expense it.