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Answers (8)
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
I would agree with most here to refi as a rental. Moving family twice would be costly. I would say looking at 15 year might be good option as well because you have the property for awhile. When you consider refinancing you always need to consider your plans for the property such as how long are you going to keep it.
HARP2 does have some options for rentals but probably not if LTV is where you think it is.
HARP2 does have some options for rentals but probably not if LTV is where you think it is.
- Steve Greene, "Steve Greene"
- Contributions:67
A word of caution. The standard Deed of Trust or Mortgage in many states prohibits renting the property for one year after settlement...if, of course, you refinance as owner-occupied. Most people in the industry are not aware of this. It's hidden among the dozen or so pages in that document. If you are contemplating moving back in temporarily, be sure to check on this.
- Johnny Huang, MBA, "JohnnyHuang"
- Contributions:64
What's he purpose of the refinance? Will you be lowering interest rate only or taking cash out to fund other investments?
Being that interest rates are low now, there should always be a bigger picture plan.
With that said, Owner Occupant loans is generally lower interest rates than Non-Owner Occupant loans.
Being that interest rates are low now, there should always be a bigger picture plan.
With that said, Owner Occupant loans is generally lower interest rates than Non-Owner Occupant loans.
- wayne lancaster, "funds2"
- Contributions:1177
If your LTV is 75% or below you would be looking at lowering your rate 1.50%, with a 720 or higher credit score, on an investment 30 yr fixed loan. If your plans are to own the property for 3 yrs or more, it would make sense to refinance. If you plan on moving back in property (not with plans of short term occupancy) getting a owner occupied loan at 2% savings on rate would be possible but likely you would need to live in property for a few months to establish occupancy. Bottom line is don't play games about occupancy as benefit as non owner occupied is still very worth while. Let know through my profile if you would like to see #s.
- Archibald Cruishank, "ABMinDC"
- Contributions:19
try that harp program
- CraigUS3000
- Contributions:2
Our current Interest rate is 5.8% and our loan amount around $270K.We have held off refinancing because we don't live there right now!
- Geofrey Merino, "GMerino"
- Contributions:445
What is your current interest rate? You have a great loan to value, it would be a tough sell to an underwriter that you have moved back to your home to call it a primary home. What is your loan amount? Give a little more detail regarding your current loan?
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
If your true intent is to keep it as a rental, you should apply as an investment property.
The interest rate would likely be a bit higher applying as investment.
The interest rate would likely be a bit higher applying as investment.
Should we return to our rental property to refinance?
1. Do we have to be living in the house to refinance - out LVT is around 71%.
2. Can we get the same interest rate if we just finance it as a rental without moving back?
Any guidance much appreciated.
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