Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

28
Posts
21
Votes
Jason Pennacchio
  • Brooklyn, NY
21
Votes |
28
Posts

Stone Mountain Georgia - Refinance

Jason Pennacchio
  • Brooklyn, NY
Posted

I currently have a 30 years fixed on an out of state (I live in NYC) SFH investment near Atlanta, GA. My lender at the time of purchase (April 2018) had what was then good rates with very reasonable closing costs. I have since asked for refinance quotes a couple of times when rates dropped, most recently March 2020 and the lowest quote I got from him was 4.375%. Historically that'd be great but I'm hearing friends get below 3% now on primary residential loans in NYC, so I'm getting a bit jealous. Anyone know of reputable brokers/lenders refinancing with good rates/closing costs. Any idea why I'd get quoted above 4% in such a low rate environment (Credit Score > 814, LTV < 75%). Any refi advice appreciated, its a small loan ($75k).

Most Popular Reply

User Stats

55
Posts
18
Votes
Charles Situ
  • Rental Property Investor
  • Wayland, MA
18
Votes |
55
Posts
Charles Situ
  • Rental Property Investor
  • Wayland, MA
Replied

@Jason Pennacchio At the moment there is a big bifurcation or spread between investor-owned and primary residence. Lenders are generally more cautious about potential tenants not being able to pay rent in this high unemployment environment. The best I got also is 4% for investor-owned refi in my local market. Also many lenders are not doing cash out for investor-owned at all.

Loading replies...