Refinance rates for investment property

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Refinance rates for investment property

NIcholas Hamel
Member since 2019 · 187 posts · 74 votes

Hey everyone, I see that rates are really low lately. I have an investment property currently at 4.5%. I am seeing rates as low as in the 2s. Are rates this low for investment properties too or is this just for owner occupied? If so does anyone hVe a “go to” lender they can recommend? Thanks everyone!

Nick

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Bradley Padula
Rental Property Investor · Boston, MA · Member since 2019 · 124 posts · 121 votes
5y

I closed on a cash out refi on one of my SFH investment properties in MA last week, no points, 75% LTV with a 30 year fixed 3.375% rate, locked the rate 1.5 months prior to closing. My rate prior to refi was 4.375% so it was a win-win to lower my monthly payment and pull some cash out

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  • Avery Gilmer
    Investor · Phoenix, AZ · Member since 2013 · 193 posts · 37 votes
    5y

    @Kao Saeteurn what lender did you use in AZ?

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  • Wesley WhiteheadPro Member
    Rental Property Investor · Depends on where my employer sends me · Member since 2018 · 171 posts · 142 votes
    5y

    @Eric Johnson you are correct sir. I looked at refinancing my duplex and I would get only about $70/month more in cash flow and I wouldn’t recoup the cost if my loan for another 5 years. Not worth it for me

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  • Mikhail Abbott
    Rental Property Investor · Gig Harbor, WA · Member since 2020 · 26 posts · 6 votes
    5y

    @Adriel Hsu try hurst lending in DFW. Im doing a cash out refy with them at 3.5% 75% ltv

    1Reply
  • Sean Fillmore
    Member since 2020 · 20 posts · 9 votes
    5y

    I am in the middle of closing at 3.45% at 75% LTV. I used Caliber Home Loans on my investment and have them in my primary residence in CA as well.

    1Reply
  • Susan Chan
    Castro Valley, CA · Member since 2015 · 14 posts · 6 votes
    5y

    @Nicholas Hamel

    Currently re-financing our current home. He’s currently servicing CA primary and investment properties. Rates have gone up a bit since summer. Sung Joan at Loandepot.com

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  • Kyle Wells
    Realtor · Lake Stevens, WA · Member since 2018 · 122 posts · 91 votes
    5y

    I just got in at 3.5% with 1/2 a point on a non-owner occupied fourplex in Kansas City. I was paying 5% previously and refinancing was easily worth it as I'd recover the costs within 11 months. I would recommend reaching out to local banks especially ones advertising their lending services. Even dropping 1% should have a recovery of cost within the next 1-2 years, so it's worth it if you plan to hold.

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  • Stewart Beal
    Investor · Ann Arbor, MI · Member since 2013 · 178 posts · 225 votes
    5y

    Great work Marco!  3% is a big win.

    1Reply
  • Damel WIlson
    Rental Property Investor · Indianapolis, IN · Member since 2015 · 19 posts · 6 votes
    5y

    @Marco Anemone mind if I ask who’s the lender?

    0Reply
  • Christene Martin
    Lender · Jersey City, NJ · Member since 2020 · 39 posts · 12 votes
    5y

    Hi Nicholas, I am licensed lender and broker in NJ, I have a few investment property loans in the works and they are pulling between 3.25% and 3.5%, no points paid. Of course each scenario has different components, if you want to chat or have me run your scenario to get an estimate, just let me know. -Christene

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  • Pete Krentz
    Investor · Sioux Falls, SD · Member since 2015 · 59 posts · 20 votes
    5y

    I refied in June in an owner occupied 4 plex (the owner occupied doesn't help my rate). It dropped to 3.25.

    0Reply
  • Jacqueline Soria
    Rental Property Investor · Princeton, NJ · Member since 2019 · 3 posts · 0 votes
    5y

    @Bradley Padula thanks for sharing your experience and congrats on locking in a great rate on your refi! May I ask whether you took out this loan under your name vs. under an LLC? I imagine it's personal loan to get such a great rate, but figured I would ask.

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  • Account Closed
    Member since 2020 · 18 posts · 20 votes
    5y

    I recently refinanced at 3% for a duplex investment in Florida. 25% LTV, no points, had closing costs rolled into loan. But they only offered 15 year.

    1Reply
  • NIcholas Hamel
    OP
    Member since 2019 · 187 posts · 74 votes
    5y

    @Wale Lawal

    Awesome thank you! And is the price per point drastically different with different lenders or is it generally the same?

    0Reply
  • Joshua D.
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    5y

    @NIcholas Hamel

    I just did a cash out refi, 115k 4.5%. Best I could get looking at 3 underwriters.

    1Reply
  • Patrick McGrath
    Rental Property Investor · Westminster, MD · Member since 2014 · 165 posts · 221 votes
    5y

    @NIcholas Hamel

    Was just quoted 3.625% 30 year 1/2 point.

    1Reply
  • Brandon Ingegneri
    Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
    5y

    4.5% or so is what I am finding on my investments with a commercial bank.

    0Reply
  • Steven Goland
    Paramus, NJ · Member since 2015 · 11 posts · 1 vote
    5y

    Definitely possible to get into the 2's depending on your situation - generally speaking most investors wouldn't fall into this bucket - but it's doable.

    0Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    5y

    Quoting 2.875-3.125% no points in Florida with good credit. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
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