Updated almost 5 years ago on . Most recent reply
Refinance question for rental
I'm looking to refinance my rental property. I heard that when you do, the banks will make you pay a higher interest rate over 20 years. When I did the calculation, it made it almost impossible for me to cashflow. However, if the new loan was to be paid over 30 years (not 20) it would make sense for me. Is it possible to refinance for a 30 year mortgage? I'm very very new at all this so I would love some help. Thanks!
Most Popular Reply
30 years is still common even for a SFH rental property. You will probably have a lower LTV (70-75%) and higher rate (+0.50%) relative to a primary residence, and certain banks will not do cash out loans at the moment, but you should be able to find a provider pretty easily by just calling around to local banks.