Looking for the best rate to refinance single family investm

mcannon · Joined: 12 May 2008 Posts: 1 1.44 Dollars($)

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

Jeanette · Posted: Mon May 12, 2008 7:36 am Post subject:

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

aosotsi · Joined: 30 Apr 2008 Posts: 5 2.98 Dollars($)

Try posting on craigslist and/or asking your local realtors for advice. And always watch out for scams when dealing online ofc ourse.

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

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

brad · Posted: Tue May 20, 2008 11:11 am Post subject:

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

enriko · Joined: 05 Mar 2008 Posts: 61 16.64 Dollars($)

You are in a really really good position to refinance so good luck with it all:)

gmakerley · Posted: Sat Jun 14, 2008 5:27 am Post subject:

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.

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