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refinance investment property

Any suggestions as to finding a good re-fi rate given the following info and do you think they would roll closing costs into new mortgage?Existing investment property is valued at $268,0005% fixed$226,000 remaining monthly mortgage = $1,600. Main home is valued at $235,0003% ARM for the next 5 years$184,000 remainingRevenue monthly mortgage = $1,200/monthRevolving loans = $22,000Annual gross = $150,000Credit Score over 750Thanks by gmalen_707_183 from Portsmouth, Virginia. Dec 14th 2012 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

You should have good options but exactly what will depend on whether the existing mortgages are HARP eligible (bought by Fannie or Freddie prior to 6/1/2009). If they are not eligible, only the 2nd property is likely eligible if the appraisal shows 20% equity. I lend in Virginia if you'd like options to consider.

Dec 14th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

PS. Cash flow from the properties will be based on Schedule E of your tax return but adding back any depreciation claimed.

Dec 14th 2012
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Adrian Brown (AdrianBrown)
#5 ranked lender in Virginia - 12 contributions

I would like to sit down with you to discuss your options. I am located in Chesapeake, Virginia. Please give me a call at 757-672-6550.

Dec 15th 2012
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Richard Morris (RichardMorris)
#50 ranked lender in Virginia - 5 contributions

When you have a Credit Score over 750 that tells lenders how responsible you are and that is reflected in the rate I'll be able to offer you, and that you know what you are doing by investing in Real Estate in an area that has not had it's value reduced ( in Portsmouth we have had an average of about 20% pull back in Values recently). There are quite a few options for you, but it depends on how long you are going to keep the properties ( Main Home, investment, etc), what type of loans you have and the terms that would best suit your investment plans. I live in Greenbriar (Chesapeake) and can either pop by your home and explain your options or you could come by my office in Virginia Beach (located across from Mount Trashmore). Give me a call and we can set a time that's convenient for us to meet. My number: 757-818-1395. Thanks Richard

Dec 15th 2012
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