Need help on refinance for an "investment property"I currently own a condo in Knoxville, TN. I bought it about 5 years ago, and was more concerned with my monthly payment then how the loan was structured. So I have an interest only loan for 124k @ 6.875%. Last year I got a promotion and moved out of state. I put my condo on the market with no luck, and finally resorted to getting a renter. My problem is that the rent barley covers the mortgage, and I'm not making any progress on paying down the principal. With interest rates as low as they are, I'd like to restructure my current mortgage at a better rate and use principal and interest. From all the info that I have gotten so far it sounds like a costly deal to refinance what is considered an investment property. I think that the interest rate will not be as low and I would only be able to receive 75% of the appraised value, which I'm sure is less then the original loan due to the poor economy. Are there any good options to refinance the property without having to bring 25% of the value to the table? I have heard about AIM Loan, but I'm not 100% sold on an online mortgage company.My wife and I are ready to buy a new house in our current city, but don't want to make a move until I have my condo situation resolved. Any advice or help is greatly appreciated. September 06 2011 - Louisville00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.