*Interest rates are subject to change without notice and do not constitute a commitment to make any loan at any specific rate.
A client had a mortgage at 6.50% with monthly payments of $8,533. He needed to get an extra cash-out of $200,000. To get him his desired results, we found a lender whose loan program had a very low start rate (2.50%).
This same rate was used to qualify for a loan. Thus, with keeping monthly payments low, we were able to increase his loan amount. (With the extra $200,000 in the client’s pocket, the new monthly payments were $6,124.)
Based on the performance of the LIBOR index from the last five years (average of 0.627%), there is a good chance the rate will stay low in the long run, compared to loans fixed for longer terms. With time and the increase of revenue from rent, we can refinance into other programs since the prepayment penalty is only for one year.
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