Author Topic: Interest rates on your rentals  (Read 554 times)

meandmyfamily

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Interest rates on your rentals
« on: August 01, 2020, 01:59:07 PM »
With mortgage rates so low what have you been able to get on your rental properties?  Our rental is currently at 4.875% with 70% loan to value ratio.  I can't seem to find anything lower.  Anyone have any suggestions?  We have excellent credit.

SndcxxJ

  • 5 O'Clock Shadow
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Re: Interest rates on your rentals
« Reply #1 on: August 01, 2020, 03:56:40 PM »
I am just finishing up a rate and term refi on a single family non-owner occupied rental property, 70% LTV, at 3.5% and 1 point.
I shopped around extensively and there were plenty of brokers in this range.  The process has taken about 90 days, but my case probably is longer than most because I have a bunch of rentals and am self employed so income verification is a nightmare.  I had to do an appraisal but some might not have to I hear.

twe

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Re: Interest rates on your rentals
« Reply #2 on: August 01, 2020, 04:10:52 PM »
Refinanced one in March to 3.375%, in the process of doing another on a different property at 2.75%. A little less than $3k out of pocket on each one in closing costs. March refinance was to a 20 year, current one to a 30 year.

meandmyfamily

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Re: Interest rates on your rentals
« Reply #3 on: August 01, 2020, 04:27:47 PM »
Thanks!  I will keep looking hearing this.

Evie

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Re: Interest rates on your rentals
« Reply #4 on: August 01, 2020, 06:18:33 PM »
We owner occupy (duplex) so we can get lower rates but we just completed a re fi at 3% with a cash out refinance.  We were at 4.375% and are paying less than the previous monthly rate (but will keep paying the same monthly to get ahead a bit) and kept the same number of years on the loan.

monarda

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Re: Interest rates on your rentals
« Reply #5 on: August 01, 2020, 06:48:38 PM »
We have currently a 4.25% 20 year loan and will be refinancing to a 15 year 3% loan for one of our rentals.
We'll get cash out and our monthly payments will still go down!

twe

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Re: Interest rates on your rentals
« Reply #6 on: August 08, 2020, 08:08:52 PM »
Refinanced one in March to 3.375%, in the process of doing another on a different property at 2.75%. A little less than $3k out of pocket on each one in closing costs. March refinance was to a 20 year, current one to a 30 year.

And just added our final rental property at 2.25 to a 30 year-it was a VA refinance.

Zoot Allures

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Re: Interest rates on your rentals
« Reply #7 on: August 12, 2020, 12:43:13 PM »
My rental has 12 years left on a 20-year mortgage at 3.875%. Already quite low, but I'm interested to see if I can refi to a 30-year, partly for the lower rate (if possible) and partly for the increased cash flow. I got this mortgage when it was my principal residence. The balance is below $100k now and I'd love to see how low I can get my monthly payment on a new 30-year.