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boulwarelori · Joined: 10 Feb 2008 Posts: 1 1.33 Dollars($)

I have a rental house and what to refinance my equity line. The bank I have now said they do not allow for loans on rental property. Will anyone lend me money on this house?

sara

Hi Boulwarelori,

Welcome to the forums.

You mean you have a mortgage already? Is it on the rental property or on your primary residence? If the bank is not willing to offer loans on the rental property, look out for some other lenders. You may even consult a few lenders in this community. By the way, what type of loan are you willing to take, any thoughts?

ckalvesmaki · Posted: Mon Feb 11, 2008 5:08 am Post subject:

There are very few lenders who will do a second on an investment property....

What is the value of the home and what do you owe on it between the first and second?

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

There are many lenders that do offer second mortgage loans on rental properties. A broker can come in handy to quickly find the best one for you so that you don't have to keep calling around to find someone yourself.

Guest

I have a rental home and want to refinance. I am paying 6.25% to Citibank and that is too much. I want 5% interest, <$1500 in closing costs, and I will put 20% down. I have perfect credit and a great job and the house has 3 years of consistent rental history for 2,000 a month. Can anybody help me? So far no takers.

Niicss · Posted: Mon Jan 11, 2010 2:58 am Post subject:

Did you contact your present lender in order to get a refinance? If not, then I'll suggest you to contact him and check out if he can help you in this regard. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know whether or not you would get a loan.

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Can I refinance my equity line on a rental house?