Will it be hard to refinance

llward

You already have a rate of 5%. The loan balance is $37k. At the moment, you are not going to do much better than that. Even if you were able to reduce your rate by a full percentage point, the fees involed with your refinance would wipe out your potential savings.

You are fine right where you are.

Eric, the problem is that its a CDA Loan and I can't rent it out unless I refinance. I'm looking to move but wanted to keep the property as an investment since it is a nice home, I'm just not liking the neighborhood much.

I Cannot Help With Your Mortgage!

Yes ita hard to refinance , but you can reduce the rate and try fro that.

Thanks

methinks you are trying to say that because it is a CDA loan, the rules prevent you from renting it as long as that loan exists. why that would prevent you from refinancing with another lender, with a different type of loan, is something i don't understand. refinancing investment loans is not unusual, and you ought to be able to find someone who'd be willing. of course, you say the balance is $37000 but no mention is made of the property value. could this be a stumbling block? as for the rate, you'll obviously not duplicate that 5% rate in today's market, but does that matter to you?
please elaborate on just why you claim to be unable to refinance.

I Cannot Help With Your Mortgage!

make up your mind, x, please.