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Guide to Investment Property Refinancing

If you have an investment property, you can certainly consider the option of refinancing just like any mortgage borrower. Things work slightly differently for property investors than for homeowners, but there are good opportunities available. Find out everything which you need to know about this option and get some practical advice on how to make full use of it.

Basics

There are no restrictions to investment property refinancing. You can refinance your current mortgage just like any other borrower. The main difference comes from the fact that you will have to pay higher interest than a homeowner. This is because loans backed with investment properties are considered riskier.

Hence, the advertised rates that you see may not apply to you. The good news is that the rates for investors are typically no higher than half a percentage point. Another thing to note is that the closing cost may be higher as well. Often, the appraisal fee is higher. Other fees may be higher as well.

The best thing which you can do is to do some research in advance. Try to get an idea of what interest rate a lender will charge you and to estimate the closing costs. That way, you will be able to calculate whether refinancing will be the more cost-efficient and the more affordable option for you.

Requirements

Lenders have stricter requirements for property investors applying for mortgage refinancing. The lower loan-to-value ratio you have the higher your chances of approval are. Most lenders will consider your application if your ratio is 75% or lower.

You must have a good credit score. It is best if it is above 700. This will guarantee you approval to a great extent. In general, you should try to boost your score as much as possible as it will have a major impact on the interest rate that you will have to pay.

The lender will take into account your debt-to-income ratio as well. The lower it is the better. It is important to note that any rental income may not be taken into account when this ratio is calculated. Most lenders will only add it to your employment and other income if you have had rental income for the past two years without interruption.

Available Programs

Once you determine that investment property refinancing will be the better option compared to sticking with your current mortgage, you should compare the different loans available. Virtually all lenders will offer such loans to property investors. It is an interesting fact that you can even qualify for the Home Affordable Refinance Program (HARP) provided that your property consists of no more than four units.

Comparison shopping is extremely important. This is because the competition between lenders is considerable. Furthermore, even interest which is half a percentage point lower can save you quite a lot of money in the long term. You must use your bargaining power as well. You can achieve great savings with negotiation.

You can go for investment property refinancing with great confidence if it will save you money. It may be harder to qualify, but it will pay off to get rid of your current mortgage.

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Top Ways to Get a Mortgage With Bad Credit

There is no such a thing as a perfect mortgage borrower. At the same time, the home loan market is so large and diverse that there is literally something for everyone. These are just the main reasons why you should attempt to get house financing even if you have bad credit. Find out how to secure the deal that you are dreaming of.

Improve your credit as much as possible.

It is true that in most cases past delinquencies cannot be automatically erased from your credit record, but this does not mean that you are doomed. What you need to focus on is the present. The efforts that you make now can help you get a mortgage in the future.

The first thing which you need to do is to start paying all your bills on time. This is easy if you have a monthly budget and a schedule for making all payments. The other most important thing to do is to use your credit cards smartly.

Experts recommend that you use no more than a third of the limit on two or three major cards that you have. You must repay your credit card debt before interest is charged. Additionally, you should get rid of the cards that you do not use. With these measures, your credit score will grow significantly quite quickly.

Another effective way to rebuild your credibility is to take out a small consumer loan and make installments timely every month. At the same time, your current debt to income ratio should be as low as possible. You must have stable income as well.

Work with a specialized lender.

All lenders have a set of mortgage approval criteria that they apply to each and every applicant. If you cannot qualify for the loans of conventional lenders, then there is little point in seeking financing from them. Your best bet is to find a lender specializing in subprime loans. In fact, it would be best to find several companies and compare their products to pick the best one.

Be prepared to assume greater risk.

You will have much higher chances of getting a mortgage with bad credit if you are willing and able to assume higher risk. The idea here is for you to focus on the higher-risk loans. These include not only high interest programs, but also ones which give you greater flexibility.

With a balloon loan, for instance, you will have fairly affordable installments for a set period of time. After this period expires, you will have to pay the entire outstanding balance. In this case, you will obviously need to refinance. However, given that you will have improved your credit by this time, you should be able to get more affordable refinancing with lower interest.

Finally, the reality is that you cannot get approved for a mortgage if you do not apply. Instead of just worrying, you simply need to make an application to see what happens. It has been found that about a third of the people with bad credit actually get approved even by conventional lenders. Just make sure that you do your homework before you apply.

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