Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Utah Real Estate Q&A Discussion Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Jonathan Warden
0
Votes |
3
Posts

Refinance with Portfolio Lender -- Assets but no Income

Jonathan Warden
Posted

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?

Most Popular Reply

User Stats

2,894
Posts
2,336
Votes
Caroline Gerardo#4 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Laguna Niguel, CA
2,336
Votes |
2,894
Posts
Caroline Gerardo#4 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Laguna Niguel, CA
Replied

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...

Loading replies...