Refinance now??

parkiteric

Nep status
Jul 3, 2010
762
226
43
Who’d you go with? I’m gonna refi again after my sixth payment in November
you dont have to wait 6 payments. you as the consumer can refi immediately. the previous lender who did your loan is on the hook for early payoff penalty (EPO) from Fannie and Freddie.
 

parkiteric

Nep status
Jul 3, 2010
762
226
43
Just called Owning, guys seem legit. Quoted me 2.375% 30 yr on $505k about 7k in fees or the 2.65% 30 yr no fees. Unreal!
Owning is in the same building as me. They just lost their Fannie Mae endorsement for shady loans, hence they charge fees on all their loans. Just check their website. the APR is significantly higher than the rate. I offer zero closing cost loans as long as you are not taking cash out or combining 1st and 2nd. Feel free to email me at eric.park@interactivemortgage.com and attach a current mortgage statement. @DW2 has seen the light and refinanced with twice in the last 3 months. There's another erbb member in Morro Bay, who i refi'ed with zero closing costs.
 
Last edited:
  • Like
Reactions: JBerry

parkiteric

Nep status
Jul 3, 2010
762
226
43
I’m looking at a 2.625/30yr at .25pt right now. Rates dropped a bit and am going to ask how much for a 2.5.
only thing I am wondering is it going to drop further??
dont pay any points, third party costs, or appraisal fee on a rate&term refinance. Also, dont roll those three into the loan.
 
Last edited:

Subway

Administrator
Staff member
Dec 31, 2008
13,496
10,103
113
LBNY
What about buying a small retail building with a proven successful retail tenant (bike shop) and converting the 800 sq foot attached apartment into a 6 student CDC compliant yoga studio? There is such a space for sale, asking 950, net operating income of 65,000 not including the the small class yoga my wife would teach all week. She has a devoted following after a successful beach season who have all unanimously declared they would attend small well spaced indoor classes right here literally a block from our home. Would a bank finance me the loan with a small down payment since the property has an existing revenue stream from the bike shop tenant? Or is it the opposite? I have impeccable credit, the yoga LLC already has earnings in the several thousands of dollars in just a couple of months...does the combo of my finances and the revenue in place affect my mortgage options? I really cannot (or should not) put more than 30k towards down payment and closing cost. So say they accept 900,000 and I bring 30k to the table. Would a bank finance that? Especially with the current suburban housing boom in these parts.
 
Last edited:
  • Haha
Reactions: parkiteric

ringer

Tom Curren status
Aug 2, 2002
11,341
611
113
Huntington Beach, California
What about buying a small retail building with a proven successful retail tenant (bike shop) and converting the 800 sq foot attached apartment into a 6 student CDC compliant yoga studio? There is such a space for sale, asking 950, net operating income of 65,000 not including the the small class yoga my wife would teach all week. She has a devoted following after a successful beach season who have all unanimously declared they would attend small well spaced indoor classes right here literally a block from our home. Would a bank finance me the loan with a small down payment since the property has an existing revenue stream from the bike shop tenant? Or is it the opposite? I have impeccable credit, the yoga LLC already has earnings in the several thousands of dollars in just a couple of months...does the combo of my finances and the revenue in place affect my mortgage options? I really cannot (or should not) put more than 30k towards down payment and closing cost. So say they accept 900,000 and I bring 30k to the table. Would a bank finance that? Especially with the current suburban housing boom in these parts.
I would not do that, Mr. Subway, at this uncertain point in time. Do you really want to become the owner/landlord of a small commercial building with a commercial mortgage of around $870,000 , where the anchor tenant is a bike shop? If the issue is to get your wife a decent studio space for her business, rent one. Just my $.02.
 
  • Like
Reactions: Sharkbiscuit

JBerry

Billy Hamilton status
Dec 8, 2017
1,602
872
113
Isn't commercial real estate going to explode in a couple years? That's always been the cycle Make a bottom dollar offer. Throw in you're a local, and butter 'em up a bit! And, if it doesn't, people will still need a place to live, so maybe it could be converted back to apartments if/when retail takes a dump?
Couldn't you put the real estate purchase in a seperate LLC, or other, to protect your personal assets(home)?
I don't have the best advice so take it as that, and residential market seems hot, at least out here in CA.
 

Subway

Administrator
Staff member
Dec 31, 2008
13,496
10,103
113
LBNY
It would be through our LLC for sure but temperamentally and logically it’s not a good time for us. I mean, even if they TOOK such a Small down payment, it would still be paid using most or all of my liquid savings, which is more important in this era. I have No debt except 1 modest mortgage, no CC balances, and a healthy 401k. We are thinking about maybe keeping the classes small and just having them in our living room. Semi private, 4-6 people per class, (which we could do easily and be well within current space requirements, plus masks and a dope HEPA filter of course)and beefed up in insurance. And handle the finances through the LLC “just in case”. Waivers like we’ve been doing all summer on the beach. Humbly speaking our great room makes a gorgeous studio. My attorney said get more insurance. But, when I asked him if we should go to city hall for a permit or something, he said the city will not allow it. Am I crazy or does that suggest just get the extra insurance and financial set up and hold your classes, just don’t involve the city in the first place? most of our students are within walking or quick biking distance, and a few drive from other towns So it wouldn’t cause any nuisance our little street. Nuisances are generally when the city does get involved (rarely) and maybe issue a fine
 
Last edited:

Subway

Administrator
Staff member
Dec 31, 2008
13,496
10,103
113
LBNY
our attorney agreed. he said as long as nobody complains to city hall (unlikely) we should have no problems hosting yoga in our home for a half dozen students at a time. My wife had that many students at SUNRISE this morning and it was 50 degrees. that's dedication, and i think it bodes well for a winter of small-class-size yoga in our great room. It's only a few grand a month, but that goes a long way right now and will continue to be a great help for the next several months. Both fiscally and emotionally lol
 

rice

Duke status
Jul 2, 2002
24,304
1,801
113
CA
Just closed on a 15-Year fixed at 2.5%.
We refi'd a few months ago to low 3%'ish 30 year, and did a kitchen remodel. But with the crazy rates, we're now in the process of refi'ing again to a 2.25% 15 year.
 
  • Like
Reactions: diro

kelpcutter

Gerry Lopez status
Aug 24, 2008
1,266
1,602
113
our attorney agreed. he said as long as nobody complains to city hall (unlikely) we should have no problems hosting yoga in our home for a half dozen students at a time. My wife had that many students at SUNRISE this morning and it was 50 degrees. that's dedication, and i think it bodes well for a winter of small-class-size yoga in our great room. It's only a few grand a month, but that goes a long way right now and will continue to be a great help for the next several months. Both fiscally and emotionally lol
Some strategically placed webcams and a set up a fans only site $$$ :shameonyou:
 
  • Like
Reactions: diro and grapedrink

ringer

Tom Curren status
Aug 2, 2002
11,341
611
113
Huntington Beach, California
our attorney agreed. he said as long as nobody complains to city hall (unlikely) we should have no problems hosting yoga in our home for a half dozen students at a time. My wife had that many students at SUNRISE this morning and it was 50 degrees. that's dedication, and i think it bodes well for a winter of small-class-size yoga in our great room. It's only a few grand a month, but that goes a long way right now and will continue to be a great help for the next several months. Both fiscally and emotionally lol
As long as you have the appropriate insurance, don't involve the city.
 
  • Like
Reactions: Subway

parkiteric

Nep status
Jul 3, 2010
762
226
43
We refi'd a few months ago to low 3%'ish 30 year, and did a kitchen remodel. But with the crazy rates, we're now in the process of refi'ing again to a 2.25% 15 year.
We're going to have 1.99% 15 year fixed with zero closing costs on Thursday (with 750+FICO, 60% LTV. minimum loan amount of $350k, no cash out)
 
  • Wow
Reactions: JBerry

parkiteric

Nep status
Jul 3, 2010
762
226
43
for 30 year fixed, no cash out. 60% LTV, 740+ FICO..it's 2.5%, zero fees. @DW2 has refinanced with me twice in the last 3 months. Dont sleep