I am semi-retired and living off my assets, but my lack of regular income excludes me from refinancing any of my real estate assets at the current low rates and high property valuations. I have two rentals and my primary also produces rental income. All have mortgages from 3.875%-4.5%. Can anyone recommend any local banks that might considering refinancing these into a portfolio loan at lower rates than this?
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
5y
Non owner occupied refinances are extremely expensive as Fannie and Freddie don't want them and lenders must hold them until things loosen up, so you won't get better rate deals on rentals. Say you have one million dollars in checking and savings that gives you $16000 in income. How large is the primary residence loan? You might be able to save on the primary, depends on total liquid cash, FICO, loan to value, cannot be in forbearance, and ins and outs terms...
Non owner occupied refinances are extremely expensive as Fannie and Freddie don't want them and lenders must hold them until things loosen up, so you won't get better rate deals on rentals. Say you have one million dollars in checking and savings that gives you $16000 in income. How large is the primary residence loan? You might be able to save on the primary, depends on total liquid cash, FICO, loan to value, cannot be in forbearance, and ins and outs terms...
@Jonathan Warden You need a private money lender who will loan to you on DSCR. They do not verify income but do makes sure the properties cash flow can cover the monthly payments on the property. Most private lenders have rates in the 4's and can help you on these refinances.