Posted on: 30th Sep, 2008 09:16 am
I own a 2/2 Villa in Winter Park, Fl. I paid $161,000 for it 2 years ago and I currently owe $151k on the property. I am going to have to move across the country to the west coast but I really don't think selling would be a very wise move right now, or even a few years from now. So with that in mind I am really leaning towards renting out the property.
My mortgage is $1394 a month and I know i need to get that down a few hundred dollars to have a realistic rental price. When thinking of what I can get away with charging I need to factor in the mortgage payment(which includes insurance), hoa, and property management fees of 10%.
Does anyone have any suggestions and/or ballpark figures as to how low I could realistically get my mortgage if I were to refi?
My mortgage is $1394 a month and I know i need to get that down a few hundred dollars to have a realistic rental price. When thinking of what I can get away with charging I need to factor in the mortgage payment(which includes insurance), hoa, and property management fees of 10%.
Does anyone have any suggestions and/or ballpark figures as to how low I could realistically get my mortgage if I were to refi?
hi bwc!
welcome to the forums!
in my opinion renting the villa is a better option than selling the house. with the rent, you can even pay the debts as well. yes, you can go for refinancing provided your lender agrees to that. you should first speak to your lender if he is ready to refinance. if he agrees, he will tell you the terms and conditions.
feel free to ask if you have further queries.
sussane
welcome to the forums!
in my opinion renting the villa is a better option than selling the house. with the rent, you can even pay the debts as well. yes, you can go for refinancing provided your lender agrees to that. you should first speak to your lender if he is ready to refinance. if he agrees, he will tell you the terms and conditions.
feel free to ask if you have further queries.
sussane
I agree with Sussane and feel that renting the house will be a better option for you. Selling the house can be difficult keeping in mind the present real estate market.
There doesnt appear to be enough equity in the property based on the purchase price. If the home has appreciated then it may be an option. Most lenders will only lend 90% of the home value in many areas.