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How can I refi an investment property with less than 20% LTV?

Hi,I am trying to refinance an investment property.We originally had 20% equity but that's no longer the case because of the drop in value. I'm assuming HARP is my best option.I tried the company who owns the current loan (it's a Fannie Mae loan) but the best rate they could quote was 4.375 and very high closing cost. I'm hoping that there's better options out there.We currently are on an ARM which has started to adjust. I would like to get a fix rate or at least get a few more years of fix rates. I don't want to worry what the payments are going to be every year.Does anyone know of any lender who could do this loan? or does anyone know any other options outside of HARP that could work for us?Credit is mid 700's and debt income ration is not an issue. by mlarou_585_604 from Portland, Oregon. Jan 4th 2013 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,406 contributions

If your loan is HARP eligible, HARP is going to be your only viable route. Unfortunately in today's rate environment on a Rental property, the rates are going to be in the low 4s, but if you have an 80% LTV, there should not be a lot of costs. Starting with your bank was the problem. They think they can get away with gouging you and most people just suck it up and take the gouging. I always tell people "DO NOT, DO NOT, DO NOT start with you current bank. Instead, work with a Local Licensed Mortgage Professional. You can find one here at Lender411 or you can find a Licensed and Certified Loan Originator at the National Association of Mortgage Professionals. Members adhere to a strict code of ethics. Search for your Originator at www.NAMB.org ~ Bert Carpenter, CMC, CRMS ~ The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Jan 4th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Yes we should be able to help you. We specialize in HARP loans. Get into touch with me P: 888-320-7888 www.MortgagesforAmerica.org - Ken Burrows

Jan 4th 2013
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Jesse Olson (jesseolson)
#657 ranked lender in California - 37 contributions

Hello, Yes if your loan is owned by Fannie Mae and meets the HARP requirements, then we should be able to lower the interest rate considerably lower than 4.375%, and in some cases be able to receive an "appraisal waiver" meaning you wouldn't have to pay for an appraisal upfront. We are licensed in the state of OR and we fund many HARP loans within 30 days, so please contact me at 888.231.8372 or jolson@afnmortgagelenders.com . Sincerely, Jesse Olson

Jan 4th 2013
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Lorne Harvey (lorneharvey)
#79 ranked lender in Washington - 433 contributions

Hello. I would be happy to assist you with this. Please see my website and check out my testimonials. Licensed in Washington and Oregon. Best Regards...Lorne

Jan 4th 2013
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Hello...I am Mrs Julie from Florida Us,I saw your question regarding a loan and i will advise you to be very careful because last month i was so much in need of a loan and got scam over $2000 by fake lenders,i was introduce to this legit lender by name Alhaji Dantata Finance Loan Company and their ways was so easy..No collateral,No credit check,No co-signer and they offer loan @ 3% interest rate.You can contact them via this E-mail: alhajidantatacompany@gmail.com

Jan 4th 2013
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Derick Condron (rightstartoregon)
#31 ranked lender in Oregon - 598 contributions

Mlarou. I am here in Oregon and there are a couple options that we can look at to refiance your investment property. 4.375 even for a HAPR loan does sound high espically with a lot of closing cost. Please give me a cal 503-510-8290.

Jan 4th 2013
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Jan 5th 2013
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J.D. Peck (MortgageColoradoSprings)
#45 ranked lender in Colorado - 77 contributions

With the information you've provided, you shouldn't have any problems. I would avoid the "big banks" and contact a local mortgage banker. You will likely get better service, a quicker turn time, lower costs and a lower rate.

Jan 5th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,669 contributions

Consumers typically all do the same thing, and when it comes to refinancing their mortgage, they all think the current lender is the best place to go - and they are all wrong. Your current lenders knows you do this, and that for most people, it is they only place they contact. Therefore your current lenders price those loans a little bit higher than you could get somewhere else. There is zero benefit to using your existing lender. Shop elsewhere...

Jan 5th 2013
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Brian Paris (bparis)
#633 ranked lender in California - 51 contributions

I can help you with the HARP loan, shoot me an emial or a phone call and I will get you a quote.Thanks,Brian 877-990-HARP

Jan 7th 2013
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