Refinance Your Investment Property
There are several reasons why you should consider a refinance of your investment property, not least of which is you can maximize your property income by reducing your monthly payments by refinancing your existing mortgage to a lower interest rate or fixed rate option. Additionally, investors often need to borrow against the equity in their property to help pay for repairs or other expenses.
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How do investment property refinances differ?
The term ‘investment property’ refers to residential real estate that does not qualify as a primary residence or a second home. Even if the home was owner occupied at the time of purchase, if it is currently rented (tenant-occupied) and generates income, the property is considered an investment.
Because investment properties represent a greater risk due to a higher frequency of default and foreclosure, these loans can be a little tougher to qualify for and generally have a somewhat higher interest rate. Some of the more stringent requirements you’re likely to see include:
- Higher credit score requirement.
- Larger down payment requirement.
- Greater amount of reserves required (reserves are assets that can be used to cover the mortgage and other expenses in the event a property goes unrented).
eLEND offers a variety of investment property mortgaging options such as 30- year, 20-year, 25-year, 15-year and 10-year fixed rate mortgages. Investment property loans are available for 1-2 unit primary residences and approved condos.
Available Refinance Mortgage Programs for Investment Properties
Conventional Fixed Rate Mortgages can be used to refinance a primary residence, second or vacation home, or an investment property. Refinancing is also available for 1-2 unit properties and condos.
Read more about investment property refinancing.
We understand how difficult it can be to achieve home financing. That’s why we these developed educational tools to help aid in your understanding of the mortgage process: