Fed raises short term .25, bonds rally!

[TheRightWing]

U.S. Stocks Advance as Fed Says Inflation Is `Relatively Low'

 

[CoachCB]

This sucks. I have my rental property financed on a HELOC and every time they raise the rate...my profit gets reduced each month. Not much, but after 10 times it's very noticable.

 

[LEYKIS101]

Coach,

As Im sure youve read it doesnt seem like the Fed is stopping the rate increases anytime soon; any chance you can refi the HELOC debt to a fixed rate?

 

[CoachCB]

I've thought about it. I just don't want to pay the closing costs. It's only $119K (w/ my condo fees - $180, and property taxes - $150) I make out a little. The rent is $1100/month. The payment has gone up about $175-200 since 2003. However, the property has increased significantly (it's in Ponte Vedra Beach, about 1/3 mile from the Atlantic Ocean).

 

[J2]

I've thought about it. I just don't want to pay the closing costs. It's only $119K (w/ my condo fees - $180, and property taxes - $150) I make out a little. The rent is $1100/month. The payment has gone up about $175-200 since 2003. However, the property has increased significantly (it's in Ponte Vedra Beach, about 1/3 mile from the Atlantic Ocean).

You should try a true no closing-cost fixed rate HELOC
Brokers and some banks have them

They are very good products

 

[CoachCB]

J2, thanks for that advice. I've looked into it and am considering doing that real soon.....

 

[TheRightWing]

Coach, been doing mortgages almost 10 yrs and speacilaize in true no cost but with that low loan amount kinda tough to pull off but check into it with taking a higher rate etc for the cost effective no cost's.

 

[NorthernStar]

Coach ~ You could try contacting the investor who currently holds the mortgage and ask them if they can convert it to some other product. They can do this if they want to for no fee or they might charge you a small fee for the hassel. Something to consider


Northern Star