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From: Patrick Fletcher
If you have owned a property for 4 years on a P&I loan so the equity has now increased and the debt decreased if you refinance to an IO loan what is the best way of setting up the PIA ?
Would you just amend the original by lowering the loan amount and changing type to IO and add in the extra refinance fees or
would you setup a new PIA with no purchase costs just the refinance costs and the new loan at the new amount IO with the same depreciation figures ?
Thanks in advance
If you have owned a property for 4 years on a P&I loan so the equity has now increased and the debt decreased if you refinance to an IO loan what is the best way of setting up the PIA ?
Would you just amend the original by lowering the loan amount and changing type to IO and add in the extra refinance fees or
would you setup a new PIA with no purchase costs just the refinance costs and the new loan at the new amount IO with the same depreciation figures ?
Thanks in advance
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