Can I refinance a home that is not my primary residence?
by Mortgage Rates on Thursday, October 14th, 2010 | 4 Comments
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You can only try to find a lender will to finance you.
if it’s not your primary residence, you will probably have to have at least 20% equity in teh house, because banks will not finance more than 80% on 2nd houses or investment properties
first and foremost, try a 1031 exchange; try to find a buyer’s agent
{re] who can help you find what you want and will help you find
a trader for what you have–also sometimes known as a 3-way trade.
or sell only part of your house to an investor; like 25-50%
Yes, you can refi asecond owned property. It falls under the category of investment property.
I just closed on my refinance. Went from a 30 year fixed to a 15 year fixed. I’m now paying roughly $190 more each month, but will pay of my mortgage in half the time. I’m saving over $200,000 in interest cost!
Just be sure to do your homework on rates and programs, especially if you have special circumstances such as poor credit or income challenges.
http://www.low-cost-loan-secrets.com/finding-the-best-refinance-rates