Where to get a refi for a rental while retired?

Question

Hey everyone! I have a duplex in Stow, OH that's been serving me well since 2015. I have a 30-year note on it at 4.75% - not awful, but the lower rates have me drooling.

I think I have two problems though:

1) I'm an early retiree. I left my job at the end of 2018. I have a net worth that should cover our family for the rest of our lives, but a lot of the banks want W2 income. I don't know if I can just leverage the rental income as income - it brings in ~$1500/mo in rent and the mortgage with taxes and insurance runs ~$750.

2) I only owe a little less than $65k on it (it's worth about $125k-$150k). I think a lot of the banks don't want to bother with small potatoes like this.

We have excellent credit scores (800+). I had tried a couple of places before but didn't get very far (Quicken Loans and a mortgage broker). The reasons above were the problem from what they told me.

Any thoughts on how I could take advantage of these low rate opportunities out there? As a side note, we're currently living in Panama so in-person visits are a little more problematic.

Jim W. · Answer

Thanks, @Harjeet - I appreciate the helpful info. Not sure why I didn't get anywhere with the other lenders. I'll try again next week and see what I can do.

Harjeet Bhatti · Answer

@Jim W. As long as you have 2 years of income from sources of assets or other sources that should be acceptable source of income. You have a good interest rate, when you are looking at lower interest rate do look at the closing cost also which may be not good option to refinance for you. You can try banks most of the banks do take application even though its lower loan amount.