{"id":162,"date":"2023-01-12T07:32:53","date_gmt":"2023-01-12T07:32:53","guid":{"rendered":"https:\/\/www.privamortgage.com\/blog\/?p=162"},"modified":"2023-01-12T07:38:07","modified_gmt":"2023-01-12T07:38:07","slug":"refinance-a-rental-property","status":"publish","type":"post","link":"https:\/\/www.privamortgage.com\/blog\/refinance-a-rental-property\/","title":{"rendered":"The Ins and Outs of Refinancing a Rental Property"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The mortgage you borrowed to buy a rental property isn\u2019t the only mortgage you can have on the property. If interest rates change, or you earn equity in the home and want to use it, you may be able to refinance a rental property to get more attractive terms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The process is similar to refinancing your primary residence, but there are some nuances you should understand before applying.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s everything you must know about refinancing a rental property.<\/span><\/p>\n<h2><b>Reasons to Refinance a Rental Property<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Sometimes it makes sense to refinance a rental property. Whether you need to save money on your payment or you have equity to tap into, there are many reasons homeowners refinance rental properties, including the following:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Lower the payment \u2013 If you can\u2019t afford the current payment or see an opportunity to lower it with a lower interest rate or longer term, you may consider refinancing. Be sure to look at the big picture to ensure it makes sense in the long run to refinance.<\/span><\/li>\n<\/ul>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Shorten the term \u2013 If you can afford a higher payment, you may consider refinancing into a shorter term to pay the loan off faster, so you own the home without a loan.<\/span><\/li>\n<\/ul>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Using your home\u2019s equity \u2013 If you\u2019ve built equity in the home, you may want to use it to buy another rental property, make home improvements, or debt consolidation.<\/span><\/li>\n<\/ul>\n<h2><b>When Should I Refinance My Rental Property?<\/b><\/h2>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-166 size-full\" src=\"https:\/\/i0.wp.com\/www.privamortgage.com\/blog\/wp-content\/uploads\/2023\/01\/When-Should-I-Refinance-My-Rental-Property.png?resize=800%2C400&#038;ssl=1\" alt=\"When Should I Refinance My Rental Property\" width=\"800\" height=\"400\" srcset=\"https:\/\/i0.wp.com\/www.privamortgage.com\/blog\/wp-content\/uploads\/2023\/01\/When-Should-I-Refinance-My-Rental-Property.png?w=800&amp;ssl=1 800w, https:\/\/i0.wp.com\/www.privamortgage.com\/blog\/wp-content\/uploads\/2023\/01\/When-Should-I-Refinance-My-Rental-Property.png?resize=300%2C150&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.privamortgage.com\/blog\/wp-content\/uploads\/2023\/01\/When-Should-I-Refinance-My-Rental-Property.png?resize=768%2C384&amp;ssl=1 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Most lenders require homeowners to have a loan for at least six months before refinancing, especially if you\u2019re taking cash out. However, if you\u2019re refinancing to improve the terms and are not taking cash out, you may refinance sooner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before refinancing, make sure it makes sense to do so. For example, if you\u2019re refinancing to save money, think about how long you\u2019ll have the property. Next, determine how much you\u2019ll save by refinancing and see if you\u2019ll own the home long enough to cover the closing costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you\u2019ll save $200 a month, closing costs are $5,000, and you plan to keep the home for five years, it would take 25 months to pay off the $5,000 in closing costs with the savings, so it makes sense.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if you\u2019re tapping into equity or shortening the term, this doesn\u2019t apply. Just make sure you can comfortably afford the payment to avoid the risk of losing the home.<\/span><\/p>\n<h2><b>Are There Downsides to Refinancing your Rental Property?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Like any personal finance decision, there are some downsides of refinancing a rental property that you should consider, including the following.<\/span><\/p>\n<h3><b>You\u2019ll Pay Closing Costs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">All loans have closing costs, which could be 2 \u2013 6% of the loan amount. Figure in these costs when determining if refinancing makes sense.<\/span><\/p>\n<h3><b>You Put your Home at Risk<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you borrow more money than you already owe, you put the home at higher risk of foreclosure. The home is collateral, and if you miss too many payments, the bank could take possession of it.<\/span><\/p>\n<h3><b>You\u2019ll Reset the Amortization Schedule<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Unless you borrow a loan with a term equal to or less than the current term, you\u2019ll add to the time it takes to own the home without a loan.<\/span><\/p>\n<h2><b>Qualifying to Refinance a Rental Property<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To <strong>refinance a rental property<\/strong>, you\u2019ll go through the same procedures you did when you bought the property. In addition, you must prove you have the income, assets, and credit score to qualify for a new loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Every lender has different requirements, but here\u2019s what the average lender requires.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Credit scores of 660+<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Debt-to-income ratio no higher than 43%<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Stable income and employment for two years<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Adequate equity in the property (usually 20%)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Proof of rental income for the last two years (or less if you\u2019ve owned the home for less time)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The actual requirements depend on your chosen loan program and the lender\u2019s requirements. Typically, for rental properties, lenders require more equity and higher credit scores because there\u2019s a higher risk of default.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since it\u2019s not the property you live in, if you have trouble making payments, it\u2019s easier to walk away from a rental property than a property you live in and need for your family.<\/span><\/p>\n<h2><b>How to Refinance a Rental Property<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To qualify for a rental property refinance, you must complete a loan application and provide the following documents:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Paystubs from the last month<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/en.wikipedia.org\/wiki\/Form_W-2\">W-2s from<\/a> the last two years<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Tax returns from the last two years if self-employed<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Leases from any rental properties<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Asset statements for the last two months<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Your lender may ask for additional documentation, depending on your situation. For example, if you need the rental income for your debt-to-income ratio to qualify, lenders may need more information about the property&#8217;s rental history.<\/span><\/p>\n<h2><b>Can you do a Cash-Out Refinance on a Rental Property?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If your rental property earned equity, you might want to use it for other purposes, such as renovations, buying another home, or consolidating debt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it\u2019s trickier to qualify, you can get a <a href=\"https:\/\/www.privamortgage.com\/blog\/cash-out-refinance\/\">cash-out refinance<\/a> on a rental property. The key is to prove you can afford the higher payment. If you can afford it without rental income, your chances of refinancing increase, but if you have a solid history of rental payments, you may use it to qualify.<\/span><\/p>\n<h2><b>Bottom Line<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Refinancing a rental property is possible, but it may require stricter qualifications and documentation. The key is proving you can afford the new loan and have a solid credit history demonstrating timely payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It may take a little work to find a lender that will refinance your rental property, but with the right help, you can reach your financial goals with your rental property.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mortgage you borrowed to buy a rental property isn\u2019t the only mortgage you can have on the property. If interest rates change, or you earn equity in the home and want to use it, you may be able to refinance a rental property to get more attractive terms. The process is similar to refinancing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[104,43,105,58,8,19,107,102,6,103,106],"class_list":["post-162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-refinancing","tag-benefits-of-refinancing-rental-property","tag-cash-out-refinance","tag-cash-out-refinance-loan","tag-home-refinance","tag-home-refinancing","tag-priva-mortgage","tag-reasons-to-refinance-a-rental-property","tag-refinance-rental-property","tag-refinancing","tag-refinancing-a-rental-property","tag-steps-for-refinancing-a-rental-property"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Ins and Outs of Refinancing a Rental Property<\/title>\n<meta name=\"description\" content=\"Your primary residence isn\u2019t the only property you can refinance. If you own a rental property, you may be eligible to refinance it too. Here\u2019s how.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.privamortgage.com\/blog\/refinance-a-rental-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Ins and Outs of Refinancing a Rental Property\" \/>\n<meta property=\"og:description\" content=\"Your primary residence isn\u2019t the only property you can refinance. If you own a rental property, you may be eligible to refinance it too. 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