After reading Liz Weston's article last week, I posted my blurb about inflation fears on Twitter. Liz actually tweeted me back suggesting that I might want to think about trying to get fixed rates on some of these loans. Then she blogged about getting a fixed rate.
That got me thinking....
We are expecting to get another $30-40K out of my husband's inheritance depending on when and how much his mother's home sells for. As soon as those dollars have been paid to the HELOC balance, I would like to start investigating a refinance of the mortgages on the rental property. I can't remember all the "rules" for mortgages on non-owner occupied properties, but I should have more than 40% equity. I know the rate will be higher than an owner occupied mortgage, but I don't know how much higher I should expect. Does anyone have any advice or insight on getting a mortgage for a rental property? In the meantime, I'll keep plugging away on these debts to make sure my credit score is worthy of a refinance when the time is right.
How This Family Moved To The “Hood” and Paid Off $120,000 in Debt
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Recently, I decided to start a new series where I interview people who are
doing extraordinary things with their lives. First up was JP Livingston,
who r...
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