Need to Refinance 57K loan on property with equity
I own a property in Ohio with an outstanding balance of $57,000. It is currently rented with the tenants having been in place since Feb. 2016. They have not missed a rent payment to date.
My objective is to refinance, not to necessarily get cash out of the property, but to get a lower rate and a longer repayment period (minimum of 5-10 years). Would like to hear what terms you could offer.
Quick valuations: Trulia: 96K, Zillow: 89K, Realtor.com: $77K
Granted these online valuations are not known to be the most accurate, but it should at least comfort you knowing that there is equity in the property.
I think I have the perfect program for you, but I need a email address to send it to. It is thru Visio Financial.
Reggie Truss
Visio Financial lending
@Reginald Truss, I tried the "Loan Selector" on your website and it offered me a single option: a 10 year loan at 13%. Oddly enough when I increased the amount due for insurance and taxes I got a significantly lower interest rate, a higher LTV, and three options to choose from.
Well we have a Low Doc, No Doc Rent and Hold Fix and Flip as low as 6.9%
Reggie Truss