Remortgaging $620.000 15years loan paid half in order to buy a new property

Asked by Patricia Bee, Greenwich, CT Thu Nov 3, 2011

Is it feasible to refinance a 15 years mortgage of $620.000 which has been paid half way through to buy a property and what qualifies the later a second home? Could I get tax benefit out of that one? Should I keep the refinance fixed rate?

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3
Richard Bre…, Agent, GREENWICH, CT
Thu Nov 3, 2011
BEST ANSWER
Patricia,

It is feasible to refinance your 15 year especially taking into consideration that the current rates are at record lows. The second home or vacation home could not be in the same town or in close proximity to the home you own now. The bank will likely want to classify it as a investment property. When discussing the tax benefits you should consult a certified accountant for a consultation on the possible benefits and or deductions on both homes. The value of the second home is important data as well as which home do you plan on being your primary residence. The primary home will offer the lowest interest rate. I suggest you contact a mortgage broker who will ask for more financial information and what your goals are. I work with a fantastic mortgage broker with Coldwell Banker that could help answer your questions in more detail.

I would love to help you with your home search. My website is below. Don't hesitate to contact me if I can be of any assistance.

regards,

Richard
0 votes
Laura Feghali, Agent, Stamford, CT
Thu Nov 3, 2011
Hello Patricia,
Why is it that you are inquiring about refinancing your home when another of your questions today was regarding your short term rental?

According to Richard Breglia's web site; I see that you have recommended him since you have used his services in the past for a rental home. Why is it that you have awarded him 3 best answers to your 3 questions this evening and not contacted him instead?

It makes one believe that you are in "cahoots" with Richard to assist him with increasing his rank and points on the site.

Please, explain.

Thank you,

Laura Feghali
Prudential Connecticut Realty
0 votes
Laura Feghali, Agent, Stamford, CT
Thu Nov 3, 2011
Hello Patricia,
I suggest that you contact a mortgage lender with your questions as they are the experts and can counsel you best.

I do know that your debt to income ratio is a major factor in determining your eligibility to refinance and/or purchase another property.

Good luck!

Laura Feghali
Prudential Connecticut Realty
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