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Refinancing Investment Property |
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I currently have an investment property in NJ with a LTV ratio of 84%. I’m trying to refinance and the banks that I have spoken to will not refinance unless the LTV is under 75 or 80%. Does anyone have a lender they can suggest? Of course I’m having this problem because my appraisal came in much lower then 3 years ago. I also have an adjustable mortgage rate that is why I’m looking to refinance. Any other comments or suggestions would be helpful. |
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I'm afraid mortgage money is simply harder to come by these days. Lenders are scared, and they're tightening up their requirements. Only thing I can think of is to put enough cash into the property so that you need to borrow only 80% of today's value, for an 80% loan-to-value ratio.
As for suggesting another lender -- you can always talk with a couple of mortgage brokers to see if they know of anything. Only problem is -- if you find a lender with more flexible requirements, you might end up with a higher interest rate than otherwise. |
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Edith
Originally published on July 8, 2008 |
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