|
 |
Home >> Lending >> Home Mortgage
Loans in Different States
I have two rental homes in Indiana that I purchased with a first time loan. I lived in both, but now reside in a different state. Both loans are thirty year mortgages, 1 at 6% and the other 5.85%. I now live in Illinois and purchased a house here on a thirty year mortgage at 5.25%. Would it be worth talking to a small bank in either state and try to obtain lower interest rates? Now that two are rentals, would they even talk to me about a conventional loan? I have a FICO score of 871-891, no other debt.
|
|
 You won't know until you ask. There are still many lenders making real estate loans, even on rental property.
Some key considerations you must ask are what will the rate on the new loan(s) be, what additional costs will you have, such as appraisal fees, points, credit report costs, etc., and how those costs compare to what you are paying now. Also ask yourself if you intend on selling any of these soon, as that will also influence your return on the costs to refinance these into separate debts, or one. Your lender will be interested in the rental history to know if the properties have cash flow. Bottom line, you won't know until you ask, but by calculating your current costs, you'll have the comparison numbers to see what local lenders will do for you.
Published on BankingQuestions.com 10/20/10
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
