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Lane
Lane , JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 9215
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I HAVE A HOME THAT I NOW RENT ... WHERE COULD I GET IT REFINANCED

Resolved Question:

I HAVE A HOME THAT I NOW RENT ... WHERE COULD I GET IT REFINANCED ? MY REGULAR LENDER WON'T DUE TO IT BEING A RENTAL ..
Submitted: 3 years ago.
Category: Finance
Expert:  Lane replied 3 years ago.

NPVAdvisor :

Some lenders might be a bit flexible about credit scores, income and cash reserves, but a 75 percent maximum loan-to-value ratio is usually a hard and fast rule for rentals, because an owner who doesn't live in the property is more likely to "walk away," than someone re-financing a primary residence ... I am in Atlanta (in Atlanta, I can't see to get better than about 5% in the last couple of years. Wells Fargo IS offering HELOC's on NOO properties currently, 65% max CLTV) ... I DID find this (looks fairly recent, March 2013): http://www.mercurynews.com/real-estate/ci_22894853/real-estate-watch-how-refinance-house-you-are

NPVAdvisor :

Found this from Lend Go Investment Property Refi : https://www.lendgo.com/lag/mortgage/gt/14/?PHPSESSID=re0oocekv83f29vnqpcbf9p342

NPVAdvisor :

Also saw on a RE blog that a good place to start can be entering your scenario in Zillow Market Place: http://www.zillow.com/mortgage-rates/

NPVAdvisor :

I still don't see you coming into the chat here ... be glad to go further with you, if you want to provide some detail ... but if you have enough equity, I think your most efficient route is to go to the search engines and start with a large sample and then start talking to the ones that fit the bill for you

NPVAdvisor :

One other thought is to go to your local credit union, local community bank or some other org where you can leverage your relationship (sit down with them face to face) ... sometimes tese folke will be more flexible, expecially when they know the specific market OR if you can tie other business relationships to them

NPVAdvisor :

... still don't see you coming in ... I'll move us to the "Question and Answer" mode ... Maybe that will help (WE CAN STILL CONTINUE A DIALOGUE THERE, jst not in real-time chat, as we can here) ... Let me know

NPVAdvisor :

Agaon, let me know if you want to talk further on this

NPVAdvisor :

Ahhh there you are ... I'll wait

Customer:

SORRY ... I'M AT WORK AND TRYING TO REVIEW THIS AT SAME TIME

NPVAdvisor :

sOK .. let me go ahead and move us to "Q&A" that way we'll have more time to go back and forth, just reply when you get a chance

Lane and other Finance Specialists are ready to help you
Expert:  Lane replied 3 years ago.

Hi Jim,

 

Just reply here when you're ready

 

Lane

 

Customer: replied 3 years ago.

GREAT INFO .. I APPRECIATE IT ... MY BRO-IN-LAW IS A BRANCH MANAGER FOR A MORTGAGE BANK, BUT WON'T TOUCH ME DUE TO IT BEING A RENTAL. THAT AND HE'S SOMEWHAT OF A TOOL AS WELL ... I'LL REVIEW YOUR INFO WHEN I CAN ... THANKS AGAIN AND HAVE A NICE DAY

Expert:  Lane replied 3 years ago.


Thanks much!

Let me know if I can help further

Lane