Refi a rental condo?

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Submitted by treehugger on July 1, 2016 - 1:16pm

So we also have a rental condo that I am going to look into refi, wondering what I should expect different with my primary residence/single family home vs rental/condo?

I know the rates will be higher, but wondering if anyone has successfully completed this recently?

I have refi'd the primary home multiple times over the years, but not the condo (father in law involved with condo and have not wanted to deal with him), seems like it might be worth dealing with the crazy old man now??

I sent an email to the guy working on my home refi to see what he would offer.

Submitted by an on July 1, 2016 - 1:29pm.

Sebonic does financing for condo with <50% owner occupied. Their rate for cash out refi is 4.25% + 3rd party fees and appraisal. It also comes down to what your LTV would be, how much, if any, you're pulling out.

Submitted by treehugger on July 1, 2016 - 3:40pm.

LTV is over 50%, I am not good at percentages, but current mortgage is about 1/3rd of current comps (which is what it was bought for back in 2007).

Just looking to do a 30 year fixed no cash out.

Still waiting for Sebonic to give me a number....

Submitted by TeCKis300 on July 6, 2016 - 3:29pm.

The inlaws having a hand in it is a complication...

Though an option, if the numbers can work, and if it is even an option given the above situation, is to cash out refi your primary home enough to cover the rental out right. You won't get better rates than that.

Submitted by Coronita on July 6, 2016 - 3:42pm.

Lol just asked HLS about this too

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