Below is a personal testimonial from Derek Parent after refinancing his condo in October 2016
“I love living in a high-rise condo—the amenities, the view of the Las Vegas Strip, the pool… The perks are amazing! But having an 8% interest rate is nothing to brag about… I decided to refinance with a conventional loan and save money on my monthly payments and over the life of the loan.
When I purchased my condo a year ago, I was able to get a private money loan from a good friend of mine. The only other options out there were either cash or a hard money loan. My monthly payment was $2,552 (interest only).
With my refinance, my new payment is $1,827 per month (principal & interest). WOW! I’m saving $725 per month, which is $8,700 per year, from refinancing! AND, my payments will be contributing to the principal balance of my loan, not just interest. All I know is that I am thankful and excited about the fact that now there’s conventional financing options for high-rise condo owners.”
A Personal Testimonial
The monthly principal and interest payment is based on purchase price of $478,000 with a down payment of 3.0% -$3,000 with an original loan amount $475,000 and assumes a 30 year Fixed Rate Conventional Loan at interest rate 4.125%, corresponding APR of 4.125% and has Closing Costs of $1,695. Example is for repayment terms of 360 payments, No Balloon payment, non owner occupied investment property refinance. Rates effective of 10-5-2016. Payments do not include taxes and insurance premiums. The actual payment obligation may be greater (if this is applicable). Annual Percentage Rates and loan amounts may vary at any time subject to borrower qualifications and market conditions. Payments do not include taxes and insurance premiums.