Feb 18, 2021 10:30 AM EST
Mortgage rates have reached historic lows and become one silver lining during the coronavirus pandemic's effect on finances, incentivizing refinancing and home buying.
According to Fox Business, if you consider loan options and think that it's time to refinance, you should visit first Credible to compare the mortgage lenders and rates. Credible is a good option for finding lower rates and find refinance loans that fit a person's situation.
But if you want to refinance an investment property, you might have some considerations. With that, Fox Business made a guide for you to know how to refinance loans. If you have already decided that refinancing would be the best move you can make, you must first learn the refinancing process. Here are five refinancing steps you need to master:
A stricter qualifying requirement comes with mortgage refinancing on a rental property than refinancing a loan on your primary residence. Other lender's qualifying standards might be different, so here are few general guidelines to determine if you would be a good candidate:
If you think you met all the specified requirements, you should put your information in Credible's free online tool and check the qualified rates. Aside from the requirements, you need to provide the lender with financial documents for your current loan. Here are what you need to prepare:
It is important to get things clear, particularly why you want to refinance your rental property or investment property. Usually, there are three reasons to refinance investment mortgage; here are those:
1. Lower your payments- the main reason many investors choose to refinance is to ensure lower monthly payments because of mortgage rates lower than the current rates. Any savings goes into your pocket monthly if you can make smaller loan payments
2. Change your loan terms- Aside from securing lower monthly payments, refinancing also takes an opportunity to change your loan term. Besides, depending on home equity may get rid of private mortgage insurance requirements.
3. Leverage the equity in the property- You may be able to do cash-out refinance if you have equity built up in the property. Inventors will release cash of one investment property to secure the down payment on finance repairs or another.
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