On behalf of a client in Colorado who owned an investment property townhouse in Coral Springs, Florida, we obtained a $250,000 rate-and-term refinance that locked him in a 30-year conventional mortgage with a 4.875% fixed interest rate. His old loan was an adjustable-rate mortgage (ARM) with an interest rate that was about to increase significantly. Additionally, because his property was under water, he needed a loan-to-value ratio (LTV) of 117%. We were able to find him a lender willing to extend that LTV. As such, he will be able to save with the new loan terms, while continuing to collect rents on the property from his tenant.