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Question
Refinancing of a sub-prime loan
At the end of 2 years your income is now $55,000 per year. The value of your house is up to 300,000. Instead of accepting the new 9% interest rate, can you refinance with a traditional loan (terms as stated in example 13) in an amount sufficient to pay off your mortgage? What is the maximum amount you can qualify to refinance?
Answer
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Related questions
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General
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Depreciation
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Adjustments to NOI: Vacancy Loss
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b) allocations that are reflected in capital accounts
c) liquidations in accord with capital accounts
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ii) first mover advantage
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True or False
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Put the stages of the land development process in the proper order: a) Contact Broker, Option, Development, Sales b) Contact Broker, Development, Option, Sales c) Development, Contact Broker, Sales, Option d) Option, Contact Broker, Sales, Development
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Five years ago you invested in a brand new 100,000 square foot office building. The building was fully leased to great tenants with 10 year leases. You financed your purchase with a ten year mortgage at a rate that would be considered high in todays market. You can refinance today and get a new ten year loan at a lower rate. You will however be required to pay your current lender a steep prepayment penalty. You can also wait until the loan comes to term and repay the loan without any penalty. This was your plan until you recently read about a brand new office park being discussed for the old farm just a mile down the road. Coincidentally, this development, if built, could open just as your tenant leases are coming up for renewal. What are your thoughts?