Refinance 2nd?
Does anyone know of lenders who will refinance a 2nd lien below 12% interest rate?
I realize this is a long shot, but I'd sure like to reduce these interest rates. It is 20% of the property's value, thus the higher rate.
It could also be 15% of the property's value if that would help.
Our credit is usually good and not a detriment.
Thanks!
Your credit is "usually" good?
Go to http://www.lendingtree.com and submit your requirments, then upto four lenders get back to you with their offers. This is the service I use mostly, even if I don't wind up going with one of the lenders that contacts me, at least I get a good judge of the interest rates they offer.
Yes - usually good. I haven't checked it since closing on our last three. It tends to vary somewhat after each closing, but hovers in the 700's.
Or maybe the 600's, I can't remember. It was considered near perfect before we started investing.
Another option for you is www.ezhouseloans.com
Good Luck. 8-)
You shouldn't have a problem refinancing your second as long as your credit is near perfect and you can document your income and all that. If you are in Pa I can help you. Feel free to email me.
Jason
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Around 700 means lender will be pretty happy.
Around 600 means a lot of lenders will consider you too high of a risk
If you are investing in RE and want to work with lenders you need to keep a better eye on the credit score.
You did not say much about the property, the LTV and other such things. I would expect with a high credit score you can do better then the 12% you have now. That is a broad statement that might prove to be very incorrect depending on the specifics (property type, cash flow, condition, LTV, credit score, overall debt that belongs to you).
I would use the suggestions others have offered and come back here is you can not find a lender. In that case you need to provide a lot more detail for anyone to offer much help.
John
Quote:
On 2004-05-09 14:55, dwpannell wrote:
Or maybe the 600's, I can't remember. It was considered near perfect before we started investing.
[addsig]