If you own an investment property, you might find that you’re not making money right now. If your mortgage payment is too high, you might refinance your investment property to lower your costs and increase profit
At Priva Mortgage, we offer many options to help you refinance your investment property to make the most of your finances.
When you refinance your investment property, consider why you’re refinancing. Do you need a lower payment to increase profits, or you do have equity in the home you can use to boost your investment portfolio or for other financial purposes?
Choosing a cash out refinance or rate and term is the first step. This will determine what investment property refinancing rates and terms you get. It also determines what documents underwriters need to see if you qualify. It’s a little harder to qualify for an investment refinance, but at Priva Mortgage, we’re here to help.
You might wonder why you’d refinance an investment property since it’s not where you live. Here are the top reasons our borrowers refinance:
Refinancing a non-owner-occupied property takes a little more work. Lenders have more at risk because you don’t live in the property.
At Priva Mortgage, we have options to refinance an investment property at competitive mortgage refinance rates.
Just make sure you have:
If you’re thinking about a rate and term refinance on investment property, calculate your break-even point.
This is when you pay off the closing costs with the savings of refinancing, allowing you to reap the benefits of the refinance. There’s no right or wrong break-even point, but make sure it’s a time that you’ll still own the property so you can enjoy the saves.
Calculate your break-even point by dividing the loan’s total closing costs by the monthly savings. The result is the number of months it would take to break even.
If your break-even point is attractive or you have equity in your home and want to use it, Priva Mortgage offers many options.
We know it’s hard to find investment property refinance loans with most mortgage lenders, but we offer a variety of options to help you make the most of your investment.
Call us today to see how we can help you make the most of your investment property, increasing your profits, lowering your costs, and freeing up equity so you can increase your investment portfolio with other investments.