Menu

Home › Forums › Housing › Refi an “investment” condo?

Viewing 15 posts - 1 through 15 (of 16 total)
1 2
  • Author
    Posts
  • October 12, 2010 at 3:50 PM #18063
    treehugger
    Participant

    Before I call and bug Sheldon thought I would ask the collective hive….

    I bought a house a few months back and the fiance has moved in. He is now renting out his condo. With all the talk of low rates we wanted to refi his condo (I plan to do the house, but am now in the midst of DIY kitchen remodel, which if anyone needs to know anything about granite I am now an expert).

    Question: Is it possible to capture the low rates on a refi “investment” condo? He refi’d last year as an owner occupant and has a rate of 5.25 currently, am not sure that he is going to get much better than that and not pay any points or closing costs.

    Thoughts?

    October 12, 2010 at 4:16 PM #616754
    UCGal
    Participant

    a quick look at aimloan (just to get an idea of how investment would effect the rates)… it looks like it might be worth it.

    FWIW – I know Sheldon can beat aimloan’s rates… I just used them as a reference point.

    October 12, 2010 at 4:16 PM #616838
    UCGal
    Participant

    a quick look at aimloan (just to get an idea of how investment would effect the rates)… it looks like it might be worth it.

    FWIW – I know Sheldon can beat aimloan’s rates… I just used them as a reference point.

    October 12, 2010 at 4:16 PM #617383
    UCGal
    Participant

    a quick look at aimloan (just to get an idea of how investment would effect the rates)… it looks like it might be worth it.

    FWIW – I know Sheldon can beat aimloan’s rates… I just used them as a reference point.

    October 12, 2010 at 4:16 PM #617501
    UCGal
    Participant

    a quick look at aimloan (just to get an idea of how investment would effect the rates)… it looks like it might be worth it.

    FWIW – I know Sheldon can beat aimloan’s rates… I just used them as a reference point.

    October 12, 2010 at 4:16 PM #617813
    UCGal
    Participant

    a quick look at aimloan (just to get an idea of how investment would effect the rates)… it looks like it might be worth it.

    FWIW – I know Sheldon can beat aimloan’s rates… I just used them as a reference point.

    October 13, 2010 at 7:39 AM #617201
    (former)FormerSanDiegan
    Participant

    Don;t know about specifics for condos, but I refinanced my long-time rental property (SFH) last year to a rate below 5%. To get the best rates you needed (at that time) 70% LTV (30% equity). I am unsure whether the current rates merit the costs of refinancing from 5.25. Get a quote from HLS and see.

    Since it is only recently a rental and you have no rental history or tax returns reflecting the rental there may be other underwriting issues. But those rules tend to vary among lenders and loan programs and change over time. Best approach would be to refinance while living there (which I guess they did).

    October 13, 2010 at 7:39 AM #617287
    (former)FormerSanDiegan
    Participant

    Don;t know about specifics for condos, but I refinanced my long-time rental property (SFH) last year to a rate below 5%. To get the best rates you needed (at that time) 70% LTV (30% equity). I am unsure whether the current rates merit the costs of refinancing from 5.25. Get a quote from HLS and see.

    Since it is only recently a rental and you have no rental history or tax returns reflecting the rental there may be other underwriting issues. But those rules tend to vary among lenders and loan programs and change over time. Best approach would be to refinance while living there (which I guess they did).

    October 13, 2010 at 7:39 AM #617832
    (former)FormerSanDiegan
    Participant

    Don;t know about specifics for condos, but I refinanced my long-time rental property (SFH) last year to a rate below 5%. To get the best rates you needed (at that time) 70% LTV (30% equity). I am unsure whether the current rates merit the costs of refinancing from 5.25. Get a quote from HLS and see.

    Since it is only recently a rental and you have no rental history or tax returns reflecting the rental there may be other underwriting issues. But those rules tend to vary among lenders and loan programs and change over time. Best approach would be to refinance while living there (which I guess they did).

    October 13, 2010 at 7:39 AM #617950
    (former)FormerSanDiegan
    Participant

    Don;t know about specifics for condos, but I refinanced my long-time rental property (SFH) last year to a rate below 5%. To get the best rates you needed (at that time) 70% LTV (30% equity). I am unsure whether the current rates merit the costs of refinancing from 5.25. Get a quote from HLS and see.

    Since it is only recently a rental and you have no rental history or tax returns reflecting the rental there may be other underwriting issues. But those rules tend to vary among lenders and loan programs and change over time. Best approach would be to refinance while living there (which I guess they did).

    October 13, 2010 at 7:39 AM #618266
    (former)FormerSanDiegan
    Participant

    Don;t know about specifics for condos, but I refinanced my long-time rental property (SFH) last year to a rate below 5%. To get the best rates you needed (at that time) 70% LTV (30% equity). I am unsure whether the current rates merit the costs of refinancing from 5.25. Get a quote from HLS and see.

    Since it is only recently a rental and you have no rental history or tax returns reflecting the rental there may be other underwriting issues. But those rules tend to vary among lenders and loan programs and change over time. Best approach would be to refinance while living there (which I guess they did).

    October 13, 2010 at 7:42 AM #617211
    (former)FormerSanDiegan
    Participant

    Forgot to add… If you are willing to pay some closing costs you can probably get down in the mid to low 4% rates and the best assumptions (high FICO, low LTV, meet income guidelines, etc).

    Another factor that may make things work is if you can meet the lenders’ debt-to-income ratios assuming you receive zero rent. (since this is a newly converted rental).

    October 13, 2010 at 7:42 AM #617297
    (former)FormerSanDiegan
    Participant

    Forgot to add… If you are willing to pay some closing costs you can probably get down in the mid to low 4% rates and the best assumptions (high FICO, low LTV, meet income guidelines, etc).

    Another factor that may make things work is if you can meet the lenders’ debt-to-income ratios assuming you receive zero rent. (since this is a newly converted rental).

    October 13, 2010 at 7:42 AM #617842
    (former)FormerSanDiegan
    Participant

    Forgot to add… If you are willing to pay some closing costs you can probably get down in the mid to low 4% rates and the best assumptions (high FICO, low LTV, meet income guidelines, etc).

    Another factor that may make things work is if you can meet the lenders’ debt-to-income ratios assuming you receive zero rent. (since this is a newly converted rental).

    October 13, 2010 at 7:42 AM #617960
    (former)FormerSanDiegan
    Participant

    Forgot to add… If you are willing to pay some closing costs you can probably get down in the mid to low 4% rates and the best assumptions (high FICO, low LTV, meet income guidelines, etc).

    Another factor that may make things work is if you can meet the lenders’ debt-to-income ratios assuming you receive zero rent. (since this is a newly converted rental).

  • Author
    Posts
Viewing 15 posts - 1 through 15 (of 16 total)
1 2
  • You must be logged in to reply to this topic.