Different ways to refinance a rental property

Ideally the loan to value needs to remain below 75% for most rental property refinance programs to be viable ...using a 230K loan , that means the home would need to appraise for 307K to make this possible work ( this info is applic in WA state...I am not 100% certian about AZ ...but would think that this simple guideline should be the same ) hope this helps

You need to watch your LTV sounds like you are close, your approval will depend on your credit score and assets as well and you with an arm you will need to qualify at the adjusted rate. You need to apply with some more detail and see if you can save some money monthly on your payment. Let me know if you have any more questions.

I'm a Scottsdale Loan officer, and I can tell you that your scenario is not that difficult at all. If your appraisal comes in at $307,000, your at 75% LTV.. You have to have good credit, assets, income, and ratios, but the property and the type of loan is no problem at all... WilliamAcres.com

I am a local loan officer as well. I agree with William, it isn't hard to do but the numbers have to make sense. You will need to come in at 75%, qualify for the adjusted rate, have good credit, and document assets. Let me know if you would like a comparison in loans.Jennifer