1-407-575-5392
Menu

Should You Re-Finance Your Rental Property?

NEXT
PREV
  Follow me: Wendy Morris on Twitter Wendy Morris on Facebook Wendy Morris on LinkedIn
Tue, Sep 21, 2021 at 6:45PM

Should You Re-Finance Your Rental Property?

Whether or not you should re-finance your rental property is a complex decision. Some owners have traditional mortgages where refinancing would be a disaster.

Some Factors to Consider

How much money did you originally put down on the property and do you have at least 20% equity? To refinance an investment property most lenders will want you to have equity in excess of what is required to refinance a primary residence and you may be charges more interest etc.

Hidden fees are now also in play. Due to the Coronavirus affecting Fannie Mae and Freddy Mac as of September 2020 there is an additional somewhat hidden fee on all refinanced loans. This fee in affect ads .5 % to every loan amount. Hopefully some day this will pass as well as the Covid 19 situation. Unfortunately, rarely does the government like to give up a revenue stream.

Tips when re-financing

If you decide to go ahead with refinancing there is a way to at least defer some of the costs. Many property owners do it and most will choose to if they think of it. Not all loan officers will tell you up front that this is an option. Have the first payment moved from 60-90 days after you close on the new loan. You will have to pay the interest (ask your loan officer to explain) but the deferment will nearly cover the costs of the refinance.

Refinancing An Investment Property

It would take hundreds of pages to address every situation that affect a refinancing decision. Not to mention everyone’s individual life dynamics. Rest assured we are here and are aware of the complexities of owning a rental investment property. Being one of the areas’ finest property management companies we strive to be current on everything the effects the business. We hope you have benefitted from this and it helps your decision on whether to refinance your rental property.


Bookmark & Share



User Comments


Be the first to comment on this post below!




All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: Stellar MLS (updated 1/31/23 5:42 PM) |

Listing Search



Translate Tool

Featured Listings
Orlando Real Estate
$2,295
3 BED
2 BATH
Come home to this Updated, modern home in the Meadow Woods Community. It is located on a cul-de-sac and has a large bac... Read More
Orlando Real Estate
$2,200
3 BED
2.5 BATH
Great Townhouse!!Gate Community of Eagle Creek 24/7 Security, located in Eagle Creek "Lake Nona area", on of the most ... Read More
Orlando Real Estate
$1,200
 
1 BATH
Move-In Ready Studio in the Clearview Heights Community!!! Home features laminate wood floors throughout, an open livin... Read More
Groveland Real Estate
$2,000
3 BED
2 BATH
Newly Constructed duplex (both sides available seperately) is completely updated throughout. This open concept home has ... Read More
Kissimmee Real Estate
$1,350
1 BED
1 BATH
**GREAT LOCATION**CLOSE TO EVERYTHING** Ground floor condo in the sought after Gated community of Images a Condo, locat... Read More
Contact Wendy Morris

407-575-5392

Wendy Morris LLC
DBA Wendy Morris Realty
Licensed in the State of Florida
BK 3146762
11256 Lemon Lake Blvd
Orlando, FL 32836

Your privacy is our utmost concern. We will never sell your personal information. Privacy Policy
©2023 wendymorrisrealty.com - all rights reserved. | Site Map