Fed raises short term .25, bonds rally!

TheRightWing · Aug 9, 2005

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

CoachCB · Aug 10, 2005

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 · Aug 10, 2005

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 · Aug 11, 2005

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 · Aug 16, 2005

CoachCB said:
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 · Aug 16, 2005

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

TheRightWing · Sep 29, 2005

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 · Sep 29, 2005

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