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Answers (4)
- Jeff Anderson, "JeffA2"
- Contributions:1
Definitely speak to a few lenders to get different quotes. The majority of the fees are the same with all lenders, i.e. recording fees, title insurance rates, etc. The responses so far have been accurate and honest so now is the time to look in to taking advantage of these low, low rates.
- Brian Napierala, "SoCal Loan Advisor"
- Contributions:19
Be careful with how you pose your question, you may get the answer you want to hear and not necessarily the best loan for you. Call 2-3 lenders you are interested in and ask them what they can do and their total costs (make sure they include 3rd party costs). I think with rates at 50+ yr lows, buying down the rate is a great long term strategy.
- Tim T Wells
- Contributions:63
You might want to be looking into paying points to get a lower rate on your investment property. I am usually against buying down the rate, but on the investment property it's priced when buy down actually makes sense. You might want to look into 7/1 arm as well. Discover your options. Talk to your local mortgage banker or a big national lender.
- Gary Cohen, "Gary Sells Money"
- Contributions:48
To best answer a question like you pose it is important to know the value of the property, your FICO score and program term you are looking for. In refinancing an investment property no more than 75% of the value of the appraisal can be borrowed. Cash out refinances have adjustments that rate & terms do not have. Put in for a Zillow quote or contact a qualified mortgage broker for more comprehensive information.
Best rates/closing costs on a mortgage for an investment property??
-2 Family
-Worth about 170,000
-First Mortage on this House (already own)
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