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All Forum Posts by: Joshua Smith

Joshua Smith has started 1 posts and replied 1 times.

General Landlording & Rental Properties

Post: Refinancing A Rental - Trouble Finding Lender

Joshua SmithPosted
  • Investor
  • San Diego, CA
  • Posts 1
  • Votes 0

Hello~

I have a rental in Meridian, ID.  I would like to refinance it and possibly pull some money to buy another.  However, I am having trouble finding a lender.

I started with the Lender the current mortgage is through about a month ago (PPH Mortgage) they gave me some information but then never returned my call when I wanted to follow through with it.  I then checked out Guild Mortgage of Boise, talked to a guy once he was supposed to give me rates and info never called back.  I have left messages and text but no reply.


Today I called Rocket Mortgage and they said current refinances on rentals are hard to get information on and have extra fees right now especially if there is any cash out.   Followed up with Chase Bank of Idaho and was told they have a hold on doing refinances on Rentals because of COVID.


Is anyone else feeling this sqeeze?  

I have owned the rental for 15 years, have a credit good credit score and taking cash out is optional. Plus cash out I would take would still keep me under 70% LTV.

Thank you!

0 Votes