Author Topic: RENTAL property refinance  (Read 1574 times)

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Offline Cares

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Re: RENTAL property refinance
« Reply #15 on: July 22, 2021, 12:49:30 PM »
I'm also looking into refi a rental property. AFAIK, Owning doesn't do rental properties... am I wrong? Any other recommendations? I've heard LenderFi, Interactive Mortgage, Intelliloan thrown around here... remaining loan is only $250k @ 3.5% (30yr), so on the small side.

I'm happy to take a look at your loan if you want to PM me the details. I already know that you cannot get even a 0.25% rate improvement for no point no fee though.

Offline USCTrojanCPA

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Re: RENTAL property refinance
« Reply #16 on: July 22, 2021, 07:13:38 PM »
What is the max LTV for a cash-out refi on a rental?  How much do you get wacked on the rate?
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Offline Cares

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Re: RENTAL property refinance
« Reply #17 on: July 22, 2021, 10:55:58 PM »
What is the max LTV for a cash-out refi on a rental?  How much do you get wacked on the rate?

The max would be 75% LTV. But cash-out on investment is the highest interest rate loan you can get because you get whacked with every single adjustment. If it's high balance it's even worse. It's probably pay points and fees for 4% or more.

Offline USCTrojanCPA

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Re: RENTAL property refinance
« Reply #18 on: July 22, 2021, 11:37:11 PM »
What is the max LTV for a cash-out refi on a rental?  How much do you get wacked on the rate?

The max would be 75% LTV. But cash-out on investment is the highest interest rate loan you can get because you get whacked with every single adjustment. If it's high balance it's even worse. It's probably pay points and fees for 4% or more.

The loan would be around $540k so normal conforming and I'd pull out over $250k.  I know I can do a rate/term refi 6 months after the cash-out refi to bring the rate down so I'd sell the rate up to collect points as I doubt rates are going anywhere in the next 6-12 months with covid cases increasing and gov't cheese coming to an end which will ease up inflation pressure.
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Offline Cares

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Re: RENTAL property refinance
« Reply #19 on: July 23, 2021, 08:05:00 AM »
What is the max LTV for a cash-out refi on a rental?  How much do you get wacked on the rate?

The max would be 75% LTV. But cash-out on investment is the highest interest rate loan you can get because you get whacked with every single adjustment. If it's high balance it's even worse. It's probably pay points and fees for 4% or more.

The loan would be around $540k so normal conforming and I'd pull out over $250k.  I know I can do a rate/term refi 6 months after the cash-out refi to bring the rate down so I'd sell the rate up to collect points as I doubt rates are going anywhere in the next 6-12 months with covid cases increasing and gov't cheese coming to an end which will ease up inflation pressure.

PM me the details.

Offline Soylent Green Is People

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Re: RENTAL property refinance
« Reply #20 on: July 23, 2021, 08:17:46 AM »
Agency Conforming High Balance has "excruciating" hits to pricing when you layer risk - High Balance, Refi, Cash Out Refi, Investment - all add layers of fees from the Agencies. Non-conforming products sometimes can be used if the new loan is $1.00 over standard conforming loan limits. Non-conforming has more qualifying and reserve requirements, but the rates and fees are often at a much better price point than Agency loans right now.

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Offline zubs

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Re: RENTAL property refinance
« Reply #21 on: August 02, 2021, 09:19:14 PM »
The notary just left my house and I got 3.25% on my investment property.
Mortgage went from 2559 to 2046.

I did it cause TI told me to do it...otherwise i'd sit on my ass and just pay 2559....thanks guys.


used lenderfi cause their underwriting is pretty easy.

Offline Cares

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Re: RENTAL property refinance
« Reply #22 on: August 02, 2021, 09:38:22 PM »
The notary just left my house and I got 3.25% on my investment property.
Mortgage went from 2559 to 2046.

I did it cause TI told me to do it...otherwise i'd sit on my ass and just pay 2559....thanks guys.


used lenderfi cause their underwriting is pretty easy.

I don't know your full loan details but 3.25% sounds slightly high right now. Assuming your loan is $470k and meets most of the optimal criteria you probably can get 3% no point no fee for investment property.

You still have your right of recession :P

Offline zubs

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Re: RENTAL property refinance
« Reply #23 on: August 02, 2021, 09:45:16 PM »
Well Cares, I would use you to get the 3%, but I prefer not to give my personal info to TI people, and that's worth 0.25% to stay anonymous .for all the shit i write here.

Offline Cares

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Re: RENTAL property refinance
« Reply #24 on: August 02, 2021, 09:50:49 PM »
Well Cares, I would use you to get the 3%, but I prefer not to give my personal info to TI people, and that's worth 0.25% to stay anonymous .for all the shit i write here.

Understood :)

The interest difference over 30 years is $23k though! You hate me that much? JK

Offline zubs

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Re: RENTAL property refinance
« Reply #25 on: August 02, 2021, 10:05:18 PM »
I write my personal experience to benefit the readers here.
If they can borrow 3% from you then they should do it.

Where my thank yous @?

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Offline Cornflakes

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Re: RENTAL property refinance
« Reply #26 on: August 02, 2021, 10:06:59 PM »
Well Cares, I would use you to get the 3%, but I prefer not to give my personal info to TI people, and that's worth 0.25% to stay anonymous .for all the shit i write here.

It's cute that you think we all are anonymous here.  :)

Offline zubs

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Re: RENTAL property refinance
« Reply #27 on: August 02, 2021, 10:10:10 PM »
Some asshole stole my password and wrote all this shit....It wasn't me!

Offline Compressed-Village

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Re: RENTAL property refinance
« Reply #28 on: August 03, 2021, 06:47:05 AM »
The same asshole, practice his freedom of speech and expressions.

Nothing wrong with voicing opinion. I am glad that asshole around. :)

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Re: RENTAL property refinance
« Reply #29 on: August 03, 2021, 05:24:44 PM »
Well Cares, I would use you to get the 3%, but I prefer not to give my personal info to TI people, and that's worth 0.25% to stay anonymous .for all the shit i write here.

I've used Cares and SGIP for my personal loans (refi and purchase) and they've been legit. Just my personal experience and endorsement/recommendation for both. I keep in touch with both as well - depending on whether I need a rate check or have a referral who needs a loan.
Use my referral link to receive 1,000 free Supercharger miles with the purchase and delivery of a new Tesla car, or earn a $100 award after system activation by purchasing or subscribing to solar panels:

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