Refi

Under conventional guidelines, you need to be at 80% LTV / CLTV to refinance... there is no conventional, conforming loan product out there that will allow an investment property to do a cash out refinance at 90% LTV. (Combining a first and 2nd mortgage under conventional is considered a "Cash Out" refinance)... Even going to your existing lender will not help.. and 4.5% is really not a bad rate for an investment property... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Because this is investment property, you are looking at a maximum LTV of 75% with most lenders. Although you could probably find a local community bank or credit union, that might go higher, they will probably charge you a higher rate. Until your property value climbs higher, or your balance is paid down to get you to at least 80% LTV, I doubt you will find a better deal than what you already have. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Have you tried contacting your existing lender to see what options may be available with them?