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What products are available to gain a better rate on our investment property?

We own a rental property in South Tampa with a current rate of 6.87%.  We would like to know what options are available to ref.  We purchased the home in 2007 and currently have a renter, but it doesn't cover the mortgage.  Any suggestions for products with a better rate?  We have excellent credit.  Thank you.
  • September 06 2010 - Tampa
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Answers (3)

given the fact you bought in 2007, and that the rent doesn't cover the mortgage, there is  a fair chance you are upside down or underwater on your home. If you owe more than the home is worth, it will be very hard to refinance it at all, likely it will be impossible.
  • September 06 2010
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Depending on where your Loan to Value is you can possibly qualify. To determine your loan to value divide the amount you owe by the value of the property. If it is at 90% or lower then I may have a program for you. To receive an idea of your value contact a local real estate agent and see what you should list your property for.
  • September 06 2010
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non-owner occupied, single-family property does not have a strong lending market currently, particularly in Florida.
If you belong to a credit union (or are eligible to join one), I would suggest starting there.
  • September 06 2010
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