Posted on: 13th Jan, 2009 12:24 pm
i bought a house in 2003 with high interest rate. i lived there for 4 years, then i have to move because my job. i try to put up for sale but no luck. then i let the house for rent. now, i want to refinance that house with low rate but i don’t live in that house . as i understand, i am not qualify for refinance because i don’t lived in that house and it is consider investment house. here are my questions:
• am i qualifying for refinance?
• if i am not qualifying, is there any way i can get low rate?
• what is the best i can do to help me get better rate or i have to stick with this.
my credit score is 765.
thanks.
• am i qualifying for refinance?
• if i am not qualifying, is there any way i can get low rate?
• what is the best i can do to help me get better rate or i have to stick with this.
my credit score is 765.
thanks.
Hi tccomp!
Welcome to forums!
As far as I know, you can refinance a rental or an investment property. You can speak to your current lender or other lenders as well and check out the rates and terms they are offering for refinance. This will help you to know whether you can afford the refinance or not. The credit score that you have mentioned is good and I appreciate that. I think you can get a refinance. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you to know the rates and terms you can get and also about the prevailing market rates.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I know, you can refinance a rental or an investment property. You can speak to your current lender or other lenders as well and check out the rates and terms they are offering for refinance. This will help you to know whether you can afford the refinance or not. The credit score that you have mentioned is good and I appreciate that. I think you can get a refinance. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you to know the rates and terms you can get and also about the prevailing market rates.
Feel free to ask if you have further queries.
Sussane
tccomp, refinance rules change pretty regularly these days. what is critical is the following:
how much do you owe currently?
how much is the house worth?
how much other debt do you have, particularly in relation to income?
depending on the answers to these 3 questions, you ought to be able to find out whether refinancing is possible or not.
how much do you owe currently?
how much is the house worth?
how much other debt do you have, particularly in relation to income?
depending on the answers to these 3 questions, you ought to be able to find out whether refinancing is possible or not.
Is the loan on that house an FHA mortgage?
One of the questions you asked is "What if you are not qaulifying?
If it is an FHA mortgage, you can refinance with a streamline without an apprasial refinance bout only for a mortgage equal to the present balance of your existing mortgage. You would have to pay cash out of pocket for the closing costs and Up Front Mortgage Insurance Premium.
If the mortgage is not an FHA mortgage, you have to qualify for a conventional mortgage. You can do a conventional mortgage at investor rates if you qualify and if it makes sense to do so based on how much lower your payments would be per month.
One of the questions you asked is "What if you are not qaulifying?
If it is an FHA mortgage, you can refinance with a streamline without an apprasial refinance bout only for a mortgage equal to the present balance of your existing mortgage. You would have to pay cash out of pocket for the closing costs and Up Front Mortgage Insurance Premium.
If the mortgage is not an FHA mortgage, you have to qualify for a conventional mortgage. You can do a conventional mortgage at investor rates if you qualify and if it makes sense to do so based on how much lower your payments would be per month.