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mcannon

Joined: 12 May 2008
Posts: 1
1.47 Dollars($)
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Posted: Mon May 12, 2008 7:22 am Post subject: Looking for the best rate to refinance single family investm |
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Looking for the best rate to refinance single family investment property with equity! I have investment property in Virginia Beach that has approx $100,00.00 in equity. I am looking to refinance. I am currently in a 5 year ARM that matures in Oct of 2009. I will NEVER live in this property so I am looking to keep my payments low. My credit is excellent. My current interest rate is 5.85%. Thanks
Mike |
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Jeanette
 Community Experts

Joined: 19 Oct 2007
Posts: 121 Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
36.24 Dollars($)
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Posted: Mon May 12, 2008 7:36 am Post subject: |
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Hello Mike and welcome to the forum,
You are definately on top of your game. You appear to be in a good position to transition over to a fix 30 year loan in Oct 09. You have a litte time but start looking for a Mortgage Planner you can trust. He/she will work on getting you the best investment program out there and to get you a good rate when the time is right. Try to refinance in October so that you do not have to pay any prepayment penalty. As an investor with great credit score you should be able to get a 80% ltv or 90% ltv.
By 2009 the rates will probably go up but you still may be able to get that low payments you desire. THere are a lot of factors that comes into play.
Good luck
Jeanette SMith
Mortgage Planner
Union MOrtgage Group _________________ Life is like a bull grabit by the horn |
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aosotsi

Joined: 30 Apr 2008
Posts: 5
2.98 Dollars($)
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Posted: Mon May 12, 2008 11:19 am Post subject: |
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Try posting on craigslist and/or asking your local realtors for advice. And always watch out for scams when dealing online ofc ourse. _________________ www.mymortgagehelp.info - a FREE site dedicated to home owners like you and me, packed full of articles and updated daily. Fun tips and tricks to avoid financial ruin. |
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larry

Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Posted: Tue May 13, 2008 1:39 am Post subject: |
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Hi Mike,
Welcome to the forum.
The rates are low now and it is a good time to refinance. If you want to stay on the property for a longer period of time then you can go for FRM. But if you want to sell the property in near future then you can go for 5/1 ARM with lower interest rate.
BTW have you consulted with your lender? Has he approved you for the refinance.
You can even request for no-obligation free mortgage quote from the rated lenders of the community so that they can help you to refinance.
Best of luck,
Larry |
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brad

Joined: 17 Dec 2007
Posts: 80 Location: Florida
20.67 Dollars($)
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Posted: Tue May 20, 2008 11:11 am Post subject: |
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Mike,
As long as you can verify your income it sounds like you are a sound borrower. Investment refi's right now are running a little higher in rate for a 30 yr fixed than you currently have. You have some time but its hard to say what the market will do _________________ Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email:
www.accesslendinginc.com |
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enriko

Joined: 05 Mar 2008
Posts: 68
0.15 Dollars($)
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Posted: Mon Jun 02, 2008 3:49 am Post subject: |
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You are in a really really good position to refinance so good luck with it all:) _________________ http://www.ezylet.co.uk/- Life of landlords and tenants made ezy! |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7405 Location: bloomfield, ct
62.63 Dollars($)
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Posted: Sat Jun 14, 2008 5:27 am Post subject: |
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with the rate you're paying now and the levels of current fixed rates, i would suggest staying put. the other option is to take a flyer on another adjustable rate, as you can probably get a comparable rate to what you currently have that way.
fixed rates on investment properties (conforming loans) are going to run higher than what you have now.
i disagree that it's a good time for you to refinance, especially since you have more than a year to go before your existing mortgage adjusts. you didn't indicate your rate caps on adjustments - that will certainly have a bearing on your final decision as well. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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