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we need to refinance our mortgage. are not currently residing in it which makes it tricky, advice?

We aren't currently living there, and are renting it, which makes it an investment propety, but we are renting it at a loss. any advice?
  • September 01 2011 - Sherwood
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Answers (4)

Contact a mortgage lender to find out options that are available to you and your specific needs.

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Jason and Amber Gardner
  • February 27 2012
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The first thing you want to do is make sure your debt to income ratio works out.

Add all your monthly payments (both houses) car, etc.

Then add up gross income (before taxes) and rental income.

The rule of thumb is that your debt needs to be less than half your income.
  • September 02 2011
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As long as you have sufficient equity in the property and everything else is inline you should be OK.

Happy funding, Rudi
  • September 01 2011
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I wouldn't want to live in a mortgage either.

Refinancing a property which operates at a loss is not uncommon.   It is not probelmatic as long as your other income is sufficient to support your current housing obligation, other expenses, and the monthly loss as indicated on your Schedule E.

How much is your current loan balance and how much is estimated property value?    That will be the first main factor to determine if refinance is realistic.

  • September 01 2011
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