I need to refinance my rental home in NC

Profile picture for bbgarcia
I have tried to search for a lender but have not had much luck so far.
I have a rental home in NC with a 1st and 2nd mortgage equal to about 95% LTV.  The interest rates are too high in my opinion.  6.125% on the 1st and 8.1% on the 2nd (have had these for years).  Any options?
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November 20 2011 - Winston-Salem
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Answers (3)

Profile picture for RussellMortgage
Combining the loans would not be possible but refinancing the first could be possible if it is a qualifying Fannie or Freddie loan. These programs help borrowers with low or no equity in their property. Ask a lender if you qualify
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February 05
Profile picture for tejks
Rental property LTVs must be around 75%.

How long have you owned this property?  When is the last time the property was appraised?  

Those are actually pretty good terms for an investment property but I'm wondering if you ever found a solution?



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January 07
Profile picture for funds2
I think your chances of finding a lender for a 95% LTV on an investment property is virtually zero. Only option may be to find a friend or relative that has ability to finance the loan and get a better return then their current CDs.
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November 21 2011
 

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