REFINANCE REWUIREMENTS FOR RENTAL

2 Replies

Hello guys!!!

Question for lenders,

What are the requirements to refinance a rental property? I only owe $30k on it and would like to refinance for a better interest rate as my credit is perfect now and was not when I first bought it in 2004.

I have only been at my current job for one year as an independent contractor hair stylist and don’t have two year work history since I took a long break for personal reasons. Can I still do it or do I have to have the two year work history?

@Maria Luna If you're not pulling cash out, refinancing a $30k loan probably isn't worth a lenders time, or yours. After the closing costs, it would be very hard for you to recoup through interest saved.
Along with that, traditional Refinancing will require 2 years of 1099 income to qualify. 
Most likely, your best bet will be to stick in your current loan. If it's hard money or a very high interest rate, a more creative financing option might be best; Personal LOC, loan from friend or family etc.