Refinance Question
I currently own my condo in Branchburg NJ I recently rented it out to a teacher so that I could move to Hoboken.Can I refinance my mortgage to take advantage of the current low rates or must I be living at the property in order to refinance? by jasonbb from Hoboken, New Jersey. May 25th 2010
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
You can refinance it assuming your loan to value (LTV) is 75% or below. It would be considered an investment property, so the pricing is a little different. Basically, you would pay 1.75 points to obtain the same rate as you would if it was your primary residence. There are other programs that may help you refinance if you are above the 75% LTV, but your current loan would need to be owned by Fannie Mae or Freddie Mac. Explore options with a qualified, local loan officer. Depending on your current rate, loan amount, LTV and credit score, you may end up saving a considerable amount of money. Gregorio Denny - WeFixRates.Com
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
Yes you can refinance. Depends on your LTV. Since you no longer live there, it will be considered an investment property and you will be subject to higher costs. But, depending on your current rate, it may make sense for you to refinance. Hope this helps.
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