Taking advantage of falling rates by refinancing now
Hey all,
Who here's been taking advantage of falling interest rates to refinance any of their investment properties? I'm curious what rates folks are getting. I'm in Boston and I've called maybe a dozen or so banks and credit unions, and the best I'm getting for a Cash Out Refi is a 30-year 5% at 75% LTV. I did get quoted 4.5% by Middlesex Savings Bank, however they wouldn't lend on this particular property because the first floor of the building is commercial.
Other places I could get similar terms, slightly better rate but closing costs were up in the $7,000's which is ridiculous. Anyone in the Boston or New England area have any good banks or credit unions they could recommend? Right now I'm liking Salem Five Financial the best out of everyone I've called.
Thanks so much
Christian