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Is refinancing better in my case?

My wife and I are self employed and have reached out to a lender to help us. We both have good credit at 700 plus so our agent informed us that we can possibly put down as low as 10% down. The interest rate is in the 4 to 6% range. Is refinancing better than taking a bank statement loan? The property will be our primary home and we want to transition it into an Airbnb since there is a demand for such in Florida. by harryh380 from Orlando, Florida. Jan 4th 2022 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,385 contributions

Perhaps I am missing something here, but you cannot refinance a property you do not own. Typically, specialty loans like 'Bank Statement' loans carry a higher degree of risk, so naturally the rate will be higher as you have indicated. Just because you are self-employed doesn't mean you cannot qualify for a traditional income qualifying conventional loan with rates in the high 2s to the low 3s, depending on your credit and verifiable income. Reach out and let's see what we can get you approved for.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ 480-889-9000 - OR - 480-695-9300

Jan 4th 2022
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