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re-fi rental properties
Old 03-24-2010, 01:01 AM   #1
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re-fi rental properties

anyone have some ideas on who may be loaning money to re-fi rental properties?
i make good money, have no debt other than mortgages but can't seen to find a lender to re-fi the rentals to drop the payments. the new rules make it nearly impossible for someone with more than 4 loans (i have 8) to re-fi at lower rates. WTF?!?
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Old 03-24-2010, 12:02 PM   #2
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Originally Posted by knucklehead 61 View Post
anyone have some ideas on who may be loaning money to re-fi rental properties?
i make good money, have no debt other than mortgages but can't seen to find a lender to re-fi the rentals to drop the payments. the new rules make it nearly impossible for someone with more than 4 loans (i have 8) to re-fi at lower rates. WTF?!?
IIRC there are FHA limits on the number of mortgages a landlord can have. Banks may not be averse to loaning you more money, but if they're trying to package a loan to FHA requirements then they'll pass you by.

Spouse and I just refi'd our rental home a few months ago with Bank of America. It wasn't exactly a pleasant experience, and their process explains a lot about why they're losing so much money lately, but we did get a 4.625% 30-year fixed "investor" loan. BofA appears to be permanently servicing the loan (perhaps to profit from its taxes/insurance impound account?) but I can't tell whether or not they've sold it.

We found this through a mortgage broker. They'll be much more familiar with the "rules" than we are.
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Old 03-24-2010, 08:28 PM   #3
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i just called B of A & they quoted me 5.625% at 1.25 points! WTF?!?
who was your broker that got you such a great deal

Quote:
Originally Posted by Nords View Post
IIRC there are FHA limits on the number of mortgages a landlord can have. Banks may not be averse to loaning you more money, but if they're trying to package a loan to FHA requirements then they'll pass you by.

Spouse and I just refi'd our rental home a few months ago with Bank of America. It wasn't exactly a pleasant experience, and their process explains a lot about why they're losing so much money lately, but we did get a 4.625% 30-year fixed "investor" loan. BofA appears to be permanently servicing the loan (perhaps to profit from its taxes/insurance impound account?) but I can't tell whether or not they've sold it.

We found this through a mortgage broker. They'll be much more familiar with the "rules" than we are.
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Old 03-24-2010, 09:16 PM   #4
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i just called B of A & they quoted me 5.625% at 1.25 points! WTF?!?
who was your broker that got you such a great deal
Bonnie Taomae at Territorial Savings Bank.
Oahu Real Estate Recommended Vendors

We closed last November, and rates bounce around with a bunch of factors. I'd like to tell you that I relentlessly tracked mortgage rates for six months and pounced like a hawk when they hit our price point, but the embarrassing truth is that she sent me a birthday card and I jokingly replied that a real birthday present would be a lower rate on our rental's mortgage. One thing led to another and we got 4.625% for 1.75 points, which comes in handy on Schedule E.
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