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Can I get the same rate for my rented house on refi as primary residence??

This is the only house I own but its rented and not my primary residence as i moved to other area and rent there. House should be valued around 700k and i have 25% equity in it. My current rate is 4.5% with excellent credit, should i refi? If so, will i be able to get the same refi rates as shown for primary residence on bankrate or other places (around 3.3% for 30yr)? If not, how much deviation can i expect? Thanks
  • December 03 2012 - US
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Answers (2)

Hello

Thank you for posting your questions.
From the looks of it you have a Jumbo loan depending on what part of the US your home is located.  Generally speaking there is a bit of a price or fee difference between a primary residence and a second home.  

Now there are also a few Portfolio Lenders that have similar prices for primary homes and second homes.  Some items do depend like the amount of equity you may have in the properties.

If you would like email me if you can and I will point you in that direction

Chris Perez - Real Estate Finance - San Francisco, CA
  • December 03 2012
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Profile picture for daveskow
you can get same  rate ...but the  loan fee  will be  approx 1.5%-2%  higher for a rental than for an owner occupied loan


Looks like  your loan amount might  be in jumbo  range as well  ( 700K value x 75% ltv = 525K ......if this is the case be aware than  jumbo rates are  higher than conforming loan amount rates
  • December 03 2012
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