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Refinancing With Two Homes? Bank Says Take a Hike!

I own two homes each with their own mortgage. I am currently paying around 7 percent and would like to bring that down a little bit. I spoke with my bank and they informed me that because I have two properties I would not be able to refinance....does this sound right? what are my options? I am in the State of California by JustinM2567 from Oakland, California. Nov 30th 2010 Reply


Cindy MacDonell (Cindy Wright)
#148 ranked lender in California - 21 contributions

No that does not sound right. You can absolutly refinance two homes as long as you qualify. Please give me a call at 707-206-2832 and/or email me at loansbycindy@gmail.com with your questions. My name is Cindy MacDonell with Primary Residential Mortgage Inc. We can do loans in most states and I am located in Northern California. Please give me a call and I can answer any questions you may have.

Nov 30th 2010
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Mick Jewell (mickjewell)
#6 ranked lender in South Carolina - 13 contributions

I agree you should be able to refinance both. We allow up to 10 financed properties.You can email me at info@ecarolinalending.com for more information.

Nov 30th 2010
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Jake Belcher (JakeBelcher)
#18 ranked lender in Kansas - 87 contributions

Consider a DU Refinance Plus. Give me a call for more info. Jake B 913-541-0303 ext137

Dec 1st 2010
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Casey Persinger (casey@thelowpricelender.com)
#31 ranked lender in Utah - 30 contributions

It sounds right if you do not have 6 months of reserves for both homes, and are not credit and income worthy. I am currently helping a borrower in Utah with two homes and am able to refinance them both with the same lender as well. I think there must be more to the story.

Dec 1st 2010
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Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions

Is it possible the 2 homes are on the same parcel? IF so, then it will be more difficult. Otherwise, you should be able to refinance them both at a significant savings. I am currently working with 3 clients that are refinancing more than 1 property and as long as you qualify with 6 mos payments in reserve for any rental property owned and you meet the loan to value and credit requirements, you should be just fine. I will review your situation with you.Please call me toll free at 866-901-3576. Thank you, Patrick McCarthy

Dec 1st 2010
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Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions

It doesn't sound right. ... There must be other reasons mentioned that you don't recall.Happy funding, Rudi

Dec 1st 2010
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