Posted on: 31st Jul, 2009 06:18 pm
i own a 3 flat chicago, il for almost 4 years. loan is 300.000,can probably get appraised about 380.000 currently have as "owner occupied",but from personal reasons,got a refinance as investment property.good credit,no late payments,very low debt.need a lender who can refinance this,with reasonable rate. thanks....
Hi kajzersose,
"Currently have as "owner occupied",but from personal reasons,got a refinance as investment property."
Do you mean you had already refinanced the home as an investment property, once? and looking to refinance for a second time? If your credit is good, you never had any late payments and you have small debts, you should be able to get a loan to refinance the property. However, the interest rates on loans for investment properties would be higher than that on loans for owner-occupied properties.
You can go for a no obligation free mortgage quote from the lenders of this community. They will assess your financial situation, credit scores and other qualifying criteria. If you qualify for a loan, they will get in touch with you and offer you free mortgage quotes. You can also get quotes from your local lenders and then, compare the various interest rates to choose the loan that offers you the best.
"Currently have as "owner occupied",but from personal reasons,got a refinance as investment property."
Do you mean you had already refinanced the home as an investment property, once? and looking to refinance for a second time? If your credit is good, you never had any late payments and you have small debts, you should be able to get a loan to refinance the property. However, the interest rates on loans for investment properties would be higher than that on loans for owner-occupied properties.
You can go for a no obligation free mortgage quote from the lenders of this community. They will assess your financial situation, credit scores and other qualifying criteria. If you qualify for a loan, they will get in touch with you and offer you free mortgage quotes. You can also get quotes from your local lenders and then, compare the various interest rates to choose the loan that offers you the best.
The only issue I see is your LTV ratio. Many lenders will not work with one as high as you are suggesting (78%) for investment loans. Most banks will require a maximum of 70-75%.
