Updated almost 4 years ago on . Most recent reply
What's the best way to refinance a rental
Looking for advice!
We bought a duplex in Wisconsin in 2016. Got a construction loan, fixed it up, lived in it, and now rent out both sides. We owe approx. $129K with a 25k HELOC and it appraised for 205k 2 years ago (rents are $2210 and we could up that at anytime). Bought a three unit in Michigan with the HELOC money as a down payment and owe about 45K on that but have a commercial loan. We've recently talked about refinancing the house in Wisconsin, most places we've inquired with will only do a LTV of 70% and want to put us in a commercial loan at about 4.25%. I feel like I don't know what to ask for that's more favorable for us. Any advice would be great!