Best success you have had with refinancing for BRRRR?

8 Replies

Hi all! Have you had better success with larger lenders or more "home town" banks for refinancing your BRRRRs? 

Large lenders I have found to give the best terms. The local lenders had higher interest rates and also wanted deposits to be held at their bank.

Regardless I think that you should reach out to everyone that you possible can when it comes time to refinance. 

@Brian H. , The biggest variable that I see here is how much seasoning is required to get refinanced on the VALUE.  your "home town" bank probably has a 12 month seasoning requirement.  If you can tolerate waiting 12 months, then you will get the best rates there.....maybe.  They loan will go on your personal name/credit as well.

In the private financing world, you can get refinanced on VALUE in as soon as 90 days with a few select lenders and the loan does not go on your credit.  That is a HUGE difference and worth considering whether it is worth paying a point(ish) less in interest rate to have your money locked up for a year.

@Greg Downey

Thanks for that info.  When we say "seasoning", are we talking how long it has been owned or how long it has been occupied by renters?

Thanks so much!

Originally posted by @Charles Kao :
@Brian H.

It is more of a modified BRRR. But try the BRAT.

http://www.biggerpockets.com/blogs/8089/78199-brrr...

 Hi Charles,

Glad that worked for you, but if this was a 30YF good rate Fannie loan then I'm pretty sure the underwriter screwed up.

Tell me how you read this: