Refinancing investment properties should be done with through an experienced mortgage professional only. There is more work that needs to be done when refinancing investments, and there are more mistakes that can be made that can cause your refinance to be declined. These mistakes can be avoided by working with a knowledgeable loan officer to handle your financing needs.Some lenders have programs available that allow you to finance up to 100% of your Non-Owner Occupied property at a very attractive interest rate. To find out what financing options are available to you, call me at 866-866-5274 or email me at scott@kashmortgagegroup.com.
The appraisal on an investment property is different than a regular owner occupied home. There needs to be an income analysis and a schedule of rents comparing the subject property to the real estate market that it is in.
Lenders also consider investment properties to be a higher risk loan than an owner occupied property. With this comes higher rates and tougher underwriting guidelines.
When you refinance your investment property there will not be a rescission period for the new loan. If you are getting any cash out you will receive that money at closing instead of having to wait three days like you would if it were your primary residence.
