Refinance Your Mortgage: Is Now the Right Time? | Pros & Cons Explained

[@jackollason6074]

Mr. Matt is back!!!!

[@SeasideWealth]

Matt is awesome!!

[@jackollason6074]

Would you recommend a HELOC loan to buy land ???

[@SeasideWealth]

I would prefer you to pay cash if you can. The HELOC loan is variable. However, interest rates just came down. Where are you thinking of buying land?

[@meemka8251]

Another reason to refinance is to get rid of PMI (private mortgage insurance). People who are unable to put down at least 20% of the purchase price as a downpayment get charged a PMI fee. One way to get around this is to have what's known as a piggyback loan. The advantage of the latter is that the interest on this loan is tax deductible whereas PMI payments are not. Well done Seaside!

[@SeasideWealth]

Good point! PMI is expensive. The faster one can get rid of it the better.

[@jackollason6074]

Should I start buying land instead of properties? It is so expensive and I want a passive income rental property but it's so expensive compared to land

[@SeasideWealth]

Are you wanting to be a landlord in retirement or looking to be totally hands off?