Im in the Army and am overwhelmed of where to start:
Im stationed in Louisiana but have a house in Maryland. My house facts are:
1. Owe on house: 130,000, house value $155,000-165,000 (online resources such as zillow say about $152,000 but other houses in neighborhood are selling for $170,000)
I have renters in there now paying $1100. I want to make about 300 a month. My current mortgage is locked in at 6 b/c Im in Army (Servicemembers Civil Relief Act) but is an ARM.
My question is: Should I refinance and take out a HELOC for downpayment on investment properties here in Louisiana:
1. Can I refi with a VA loan? I understand then that I wouldnt have any to little out of pocket expenses-is this true? Can I refi and do a HELOC at same time-figured this may help out.
2. Should I do a 5/1 ARM to get a lower rate and make more money or should I get a conventional fixed loan with a higher interest rate and buy down a point or so (want to be at about 4.5%)
My credit is score is 764 so pretty good I think.
3. Where do I go to get a loan? Should I go to a broker or look for best rate online and then call directly? If broker, can anyone recommend one?
Sorry for all the questions but I am a bit overwhelmed!