It's going to depend on your credit score(s), debt to income ratio, and what loans are available to you. I would meet with a few bankers, discuss the situation, and see their suggestions. Depending on how much you currently owe vs what they are worth, your credit, cash availability, and debt-income ratio, you will have varying options.

Without knowing any numbers or what your goals are it's hard to say. But hard money loans are usually best for acquiring properties, not holding them. So if you're going to keep them I would look into refinancing out of the hard money loans into conventional 30-year mortgages.

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Updated almost 9 years ago on 07/06/2016. Most recent reply

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Alfredo O.Poster

Arlington, TX

Personal Finance

Best approach?

Alfredo O.Poster

Arlington, TX

Posted July 06, 2016 15:39

We currently have two properties that we possibly want to keep versus selling. We initially obtain hard money to purchase these properties. What is the best way to now refinance the property and keep him as income property?

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