COMPARE CLOSING LLC

Cash Out Refinances  on  Rental Property Do you know Why the banks like to  Cash Out Refinance on Rental Property Today we will discuss about  cash out refinance on rental property  the passive income and why banks want to give money to you on your rental properties. You probably took a mortgage on a rental property when you bought it. But the banks like the properties which are purchased on cash so that you have some skin in the game! and you own that rental property upfront. The truth is that when it comes to investing your money, getting rental properties, growing your portfolio,  doing it the BRRRR, ( Buy Renovate Rent Refinance Repeat ) method seems to be the right way. However, the real deal of real estate investment is that you need to get money out of the investments that you have made. The key to getting your money from your rental property is to  refinance and get a cash-out . This is an age-old strategy that all the inve...

About Mortgage A Mortgage is a loan where your property or real estate is used by the lender or bank as collateral. Once the lender or bank lends you a mortgage, you make a promise to repay the home loan you have borrowed with the interest rate agreed at the time of origination. The title of the property is in the borrower’s name however the lender has a 1st lien on the title till the loan is paid off. If the borrower fails to make timely payments, the lender can foreclose on the house to recover the remaining loan amount. The lender  owns the house until the loan is paid off. How Does A Mortgage Work? Mortgage loans are usually taken by individuals who do not have enough cash funds in hand to purchase a property. Based on the property value and a few other parameters Banks or Lenders will decide how much of the loan can be approved (Maximum up to 97.5%) and the rest will have to be the down payment made by the borrower. However,...