OfflineHi All,
Does anyone know how easy/difficult to refinance a property that is fully paid for in this current market?
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Hi All,
Does anyone know how easy/difficult to refinance a property that is fully paid for in this current market?
It will come done to your credit worthiness and ablity to repay to loan. You will need to have good credit and tax returns to prove income, with that you should have no problem refinancing.
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I would think as long as you are leaving 50% equity it would be
a good deal for the bank.Should not have to show any paper work,
As to your money(cash on hand)the equity in the structure should
be enough!
Randy
I have a mortgage broker in my REI club and things are changing on the refi market. I guess it used to be an 80% refi of the market value but it has now gone down to 60% of the FMV. also lenders are looking a lot closer at your ability to repay. In upstate NY your rent must be able to cover a min of 75% of the monthly nut. Working and a current tax return doesn't hurt either. the more ammo you have before a fight the better. Hope this helps....Jan
Thanks for the info