Rental Property Investor · ME · Member since 2018 · 26 posts · 15 votes
I am currently in the final stages of a live-in rehab on a duplex that I am planning to BRRR. This will continue to be my primary residence and is currently under a commercial loan. I am looking to refinance to a 15 or 30 year residential mortgage to lock in lower rates, but my usual lender is talking about issues underwriting for a portfolio loan on a 2-unit even if it is owner occupied. Has anyone else run into this issue? It is making the refinance on this a bit tricky. We could continue with the commercial loan as the rate is pretty low, but locking in a residential rate for 30 years would likely lower our monthly payment by $500 or so, which is significant.
Has anyone in Maine (especially central to mid-coast) had success with a local bank in this type of situation? I would be grateful for any recommendations! Thanks, Eileen
@Eileen McCue, I haven't refinanced an owner-occupied duplex, but I just refinanced (cash out) a duplex in Lisbon Falls with Tyler Zamore of Bath Savings in Brunswick. Justin Laverierre of Mechanics Savings in Brunswick could also find a way to get it done.
@Eileen McCue, I haven't refinanced an owner-occupied duplex, but I just refinanced (cash out) a duplex in Lisbon Falls with Tyler Zamore of Bath Savings in Brunswick. Justin Laverierre of Mechanics Savings in Brunswick could also find a way to get it done.
@Bob Langworthy Thanks, I will definitely check out your recommendations. Right now we are just riding out our commercial loan for a while as the rates are pretty low (4.25%) but would love to lock in an even lower rate with a 30 year residential.
I know nothing about refinancing, especially a commercial loan to a residential, but I'm currently in the process of getting my first home, a 2-unit that we'll owner-occupy, and Mechanics Savings Bank has an awesome bank-owned option that's 5% down, no PMI conventional. I'm thinking if they have such a unique program for my situation, can't hurt for you to check it out...good luck!
I know nothing about refinancing, especially a commercial loan to a residential, but I'm currently in the process of getting my first home, a 2-unit that we'll owner-occupy, and Mechanics Savings Bank has an awesome bank-owned option that's 5% down, no PMI conventional. I'm thinking if they have such a unique program for my situation, can't hurt for you to check it out...good luck!