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321-239-2781NMLS # 1922428
321-239-2781NMLS # 1922428
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Rate-and-Term Refinance (switch from ARM to fixed rate with 117% LTV) for Investment Property

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Residential Mortgage: Rate and term refinance investment property

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.

Skills

Posted on

August 31, 2017

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