Author Topic: Recommended lenders to refinance a couple of rentals  (Read 966 times)

AnEDO

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Recommended lenders to refinance a couple of rentals
« on: September 22, 2017, 09:03:03 AM »
Hello MMM Community

I have a couple of rental properties that I plan to sell in about 5 years.  They currently have 30 year mortgages at 4.625% and I would like to refinance them using a 5/1 ARM.  Anyone have any luck doing this and any recommended lenders?  Thank you in advance for your replies!

-AnEDO

Blindsquirrel

  • Pencil Stache
  • ****
  • Posts: 661
  • Age: 2
  • Location: Flyover country
Re: Recommended lenders to refinance a couple of rentals
« Reply #1 on: September 23, 2017, 06:40:00 PM »
  If in Oh, Ky, In go to Guardian savings

Dicey

  • Senior Mustachian
  • ********
  • Posts: 13895
  • Age: 62
  • Location: NorCal
Re: Recommended lenders to refinance a couple of rentals
« Reply #2 on: September 25, 2017, 05:22:15 AM »
I don't know where you are, but often best results come from local lenders. In forum times past, PenFed FCU got raves for their mortgage rates, but I haven't seen them mentioned much lately, so that may have changed. Anybody know?

Are you sure you want to lock yourself into ARMs that could all reset at the same time? For tax purposes, you might want to stagger the sales over a number of years. Why potentially put yourself at the mercy of fluctuating rates?

Cwadda

  • Handlebar Stache
  • *****
  • Posts: 2180
  • Age: 26
Re: Recommended lenders to refinance a couple of rentals
« Reply #3 on: September 25, 2017, 07:27:32 AM »
Hello MMM Community

I have a couple of rental properties that I plan to sell in about 5 years.  They currently have 30 year mortgages at 4.625% and I would like to refinance them using a 5/1 ARM.  Anyone have any luck doing this and any recommended lenders?  Thank you in advance for your replies!

-AnEDO

We can't recommend you local lenders if we don't know your location.

Local credit unions tend to be pretty good.

AnEDO

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Recommended lenders to refinance a couple of rentals
« Reply #4 on: September 27, 2017, 11:19:36 AM »
The properties are located in Texas.  That's good advice regarding refinancing both at the same time.  We may want to stagger the sales, especially as we will be semi-retired and could likely avoid some of the capital gains taxes if we sold them in different tax years.  I will check out PenFed as well as some local banks.  I appreciate the advice.