I would like to refinance 4 investment properties to a lower rate. Excellent credit, have cash available to offset any ratio problems. Current interest rates range from 7.25 to 9.25, all are seasoned properties with at least 6 years of mortgage payments(some 8 years) Is there anyone out there willing to do this, local banks laugh because they don’t want to give a mortgage to any investors( you all know what I mean) I don’t mind paying points to get it done just trying to loosen up cash flow. I’m in Ct
I refinanced a rental condo last year using the HARP program. I was at 7.25% and refi was at 4.875%. I am at approx. 90% LTV and never thought I would be able to refinance it. Fannie and Freddie both offer it.
aquisition,
I just refinanced our two residences and two investment properties. Same history as yours.
The secret is to REFINANCE WITH YOUR EXISTING LENDER. They have your payment history. They should be able to refinance the whole amount of the existing loan and add the loan fees on top. They do this even if technically your houses are underwater (too high a loan amount compared to the supposed market value).
The refinance got me rid of PMI on one of the investment houses. The payment went down $100/month. It added $4,000-$5,000 to the loan amount in each case, but we are paying the same principal as before, but saving hundreds in payments on those houses. A lower interest makes all the difference.
My niece also looked into refinancing her 6.75% home mortgage. Again the only option (she is a student) was with the existing lender.
Good luck, and let us know how it goes.
Furnishedowner