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GA Bulldawg
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0.10 Dollars($)
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Post subject: Refinancing Rental Property |
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I am the owner of a single family rental property in Smyrna, GA. I am trying to find an option for refinancing the property, but can only find a lender willing to do 75% LTV. Are there any other options for folks with exceptional credit (750+) and a high income? I simply don't want to tie up liquid cash in this place, but I can't sell it now, due to the economy.
Thanks! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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GA you may find a not-so-conventional lender to do what you wish, but my suspicion is that you'll not like the interest rate they'll charge you.
investment properties are one of the least favorite property types for every conventional lender in this country. that's why you need to go "outside the box" to find someone willing to grant you a benefit.
one other option (perhaps) - try a local bank that tends to keep its loans in portfolio, or a credit union in the area. in either case, they may have the flexibility that you're looking for and still grant a decent interest rate.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Jimmymackin
Joined: 17 Aug 2009
Posts: 66
0.65 Dollars($)
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Post subject: Do you own a primary residences |
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If you own a primary residence that has equity, perhaps you could draw 75% off of the rental and come to the with the remainder from your Primary home's equity to free up some cash.....
Otherwise I would try George's option of going through a local bank |
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shyone
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| We have been interested in refinancing our current mortgage loan. Just wanted to find out information without having someone to push you into signing the loan. What is the difference with a mainstream loan and a refinance mortgage loan. How would you know what is the best way to go. |
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Jimmymackin
Joined: 17 Aug 2009
Posts: 66
0.65 Dollars($)
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Post subject: |
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| Could you clarify the question? I am not familiar with the term "Mainstream loan" |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hey shyone,
Even I'm not familiar with mainstream loan. As far as refinance is concerned, it is a new loan with better terms and conditions which helps you in replacing your current loan.
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Procrastination is the enemy of your financial success |
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someone
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0.10 Dollars($)
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Post subject: refinance meaning |
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| can I refinance by putting my loan into someone else's name? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hi Guest,
You cannot refinance the loan in any other person's name. The other person will have to refinance the loan in his/her name.
_________________
Procrastination is the enemy of your financial success |
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bensonclive
Joined: 16 Aug 2009
Posts: 90
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someone,
Refinance stands for the lowering the interest and fees attached with your existing loan.Even if you pass the money to someone but on records you still owe the money to the bank and thus you can only refinance the loan on your name only.
If you are facing the problem in a hard way, with the consent of all the people (you, lender and new co-borrower)you can alter the terms of the loans and thus can add one more co-borrower on the loan so it will be lot more easier for you to repay the loan.
This is really a vible solution to the problem, if your lender agrees to do this. |
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picturethis
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| have about 50,000 in credit card debt. have a morgage on our 10 year old home of 79,000. can we refinance and include the credit card debt into the morgage? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi picturethis,
Credit card debts are unsecured debts. You cannot include it in your mortgage. However, you can refinance your mortgage and can use the extra cash to pay off the credit card debts.
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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james i think that's what picturethis was driving at, actually. and i agree that as long as there is sufficient equity in the home to borrow that much, the cards can be paid in full with the mortgage proceeds.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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fredwaltz
Joined: 17 Aug 2009
Posts: 60
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Post subject: |
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| it is better if you can pull out any line of credit on your house (provided you have sufficient equity) so in this way you can payoff the $ 50 k debt on your card and it will be lot more cheaper. |
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Mandi
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Post subject: Refinancing |
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| can I refinance if I am behind on my mortage, if not what else can I do to reduce my payments to help me out in bad times |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Mandi!
Welcome to forums!
You won't be able to refinance your mortgage if you are delinquent on your mortgage payments. However, you can definitely try for a loan modification in this situation. This will help you in saving your property and it will help you reduce your mortgage payments to some extent.
Feel free to ask if you've further queries.
Sussane |
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