Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for pgl3d

Refinance? Condo in McLean, VA - Used to be Primary Residence, Now Investment Property

I own a condo in McLean Virginia (purchased in 2004 with a 7/1 ARM whose 4.5% interest rate will become adjustable in 4/2011) that I lived in until 6/2008 when I moved to Chicago IL for business school.  The condo is worth much more than the outstanding balance on the loan (>$100k equity in home).  It is likely I will be moving to Atlanta after business school for at least a couple of years.  Should I refinance this loan now (because it is now a rental property some lenders are quoting like 5.5% which seems high for a 30 yr fixed) or should I wait until closer to when the 7 years run out on my 7/1 ARM? 
  • January 25 2010 - Mc Lean
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (2)

I agree, the bird in the hand way better than two in the bush in this uncertain market....Jim
  • January 25 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

5.5% is high? You aren't expecting the same rate as an owner occupied property are you?

If you think 5.5% is high, wait til you see what the rates are in 2011 on Investor props. 

You have a bird in hand,....take it.
  • January 25 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.