Home Equity Loan

Best Time to Refinance My Rental Property? | Becoming a Millennial Adult | Episode 6





After the most recent news about the US federal government lowering interest rates, it was said this is the perfect time for me to refinance my rental property. #lowinterestrate #refinance #mortgage

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It has been several weeks since I started my journey to refinance my mortgage on my rental property. I currently do not live on the property so it is pure investment that I have had this. All of my income from my duplex (2-unit multi-family house) gets reinvested into the business. I do not take any revenue that this investment property has provided due to my current priority of building a decent real estate portfolio. Inherently, this has enabled me to have a large savings account that can allow me to invest into small to medium size opportunities that will help me to build wealth.

Throughout these past weeks, the bank I have been working closely with has have interest rates dropped to as low as 2.6% and as high as 5.25%. Due to the current medical crisis, the global economy has been down. This has lead the federal government to promote the public to spend money where they can. Most establishments have canceled events or closed the doors in order to discourage people from being physically close to one another. This also means most people have reduced their spending. This has created a cycle of where the overall economy has less money flowing through. Thus, this is one of the reasons why interest rates are being lowered.

In my experience, the rates have not yet dropped for mortgages. I believe there might be some sort of lag after the government announced the cutting of rates. I am hoping the rates as soon as possible so I can take advantage of the lower interest rates. This will also help me generate more profit as my payments will be less while I am cashing out during my refinance. This can be an extremely good opportunity for people to do the same.

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5 comments

  1. awesome content dude

    Reply
  2. cool video my guy

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  3. great content you deserve more views

    Reply
  4. nice content keep it up

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  5. amazing video

    Reply

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