The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: meandmyfamily on August 01, 2020, 01:59:07 PM
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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.
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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.
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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.
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Thanks! I will keep looking hearing this.
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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.
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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!
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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.
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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.