Posted on: 21st Nov, 2012 11:31 pm
hi there… need suggestions!! i bought a 1 bedroom condo with no money down at $325,000. i currently owe about $301,000 at 5.25%. i'm currently paying about $2100/month for mortgage + $450 for condo assessments. i have recently changed location to pacific northwest and renting at $1950/month. the chicago condo is now a rental property. at this point in my life, i do not see us moving back to chicago for the next 5 years. is it possible to refinance so that my monthly mortgage equal a competitive rental rate? will i be able to buy a new home in my new location and lump in the residual mortgage i owe into new loan?
Hi Chic,
Rental property may be refinanced depending upon the discretion of the lender. You should contact your lender and get to know whether or not you will be able to get a refinance for the second property. As far as getting a new loan is concerned, that will depend upon your credit and financial situation.
Feel free to ask if you've further queries.
Sussane
Rental property may be refinanced depending upon the discretion of the lender. You should contact your lender and get to know whether or not you will be able to get a refinance for the second property. As far as getting a new loan is concerned, that will depend upon your credit and financial situation.
Feel free to ask if you've further queries.
Sussane
Hi Chic,
To know all about refinance, check out the given page: http://www.mortgagefit.com/refinance.html
Thanks
To know all about refinance, check out the given page: http://www.mortgagefit.com/refinance.html
Thanks
You may refinance your rental property depending upon the judgement of your lender. Regarding taking out a new loan, you need to have a good credit score and good financial situation. Keep in mind that your lender will offer you a new loan only when he finds that your credit score is good.
Dealing with such situations requires many things to be considered first, like your credit score and your involvement in any other necessary payments. If the required aspects are fulfilled and satisfactory then there is no problem in getting that home refinanced.