If you are considering a refinance of your investment property mortgage, now is still a very favorable time. While interest rates are no longer at rock-bottom prices, the rates are still historically low. Refinancing your investment property mortgage loan is never a simple matter, but there are a few things which you can do to insure that you get the best refinance rate possible. Here are 4 tips you can use to help you in the process: Tip #1: Get the Best Refinance Investment Property Interest Rate by Doing Your Homework. Even if you choose to use a mortgage broker, you will find that interest rates constantly change, literally hour by hour. By taking the time to educate yourself about mortgage rates you can help yourself to better gage when the rate is at its best it is likely going to be. By reading about mortgage rate trends, the U.S. economy and other financial news you can help insure you get the best refinance mortgage rate possible.
Tip #2: Get the Best Refinance Investment Property Interest Rate Possible by Using a Mortgage Broker- Brokers are professionals in their trade. Just as an accountant is the best person to do your income tax returns, a commercial mortgage broker is trained and skilled in helping you to find the best refinance investment property rate possible. A broker has access to literally thousands of lenders and programs to choose from. They can suggest lenders for just about every scenario possible. If you have bad credit, if you are self-employed, etc., no matter what your unique situation is a commercial mortgage broker can help find you the absolute best deal possible.
Tip #3: Get the Best Refinance Investment Property Interest Rates today by Buying Down- Assume for a moment that the best commercial mortgage rate available today is 6%. By buying down your rate you can lower your interest rates over the length of your loan. This is also called "paying points." If you were to buy down the 6% rate, you might easily end up with a 5.5% mortgage. The cost to you would be a few thousand dollars at closing; however, this would save you tens of thousands of dollars over the life of your mortgage term. Paying points always makes sense if you have the available capital and do not need to use it in other areas of your business.
If you have a Fanny Mae or Freddy Mac loan and don't have enough equity, you may qualify for the federal loan modification program. If everything looks ok, then go get multiple rate quotes. You can do this online.
One last thing, rates fluctuate daily, so today's mortgage interest rates are only good today, so don't wait for a week before locking your rate in, when you decide which one is best for you, go for it.
Tip #2: Get the Best Refinance Investment Property Interest Rate Possible by Using a Mortgage Broker- Brokers are professionals in their trade. Just as an accountant is the best person to do your income tax returns, a commercial mortgage broker is trained and skilled in helping you to find the best refinance investment property rate possible. A broker has access to literally thousands of lenders and programs to choose from. They can suggest lenders for just about every scenario possible. If you have bad credit, if you are self-employed, etc., no matter what your unique situation is a commercial mortgage broker can help find you the absolute best deal possible.
Tip #3: Get the Best Refinance Investment Property Interest Rates today by Buying Down- Assume for a moment that the best commercial mortgage rate available today is 6%. By buying down your rate you can lower your interest rates over the length of your loan. This is also called "paying points." If you were to buy down the 6% rate, you might easily end up with a 5.5% mortgage. The cost to you would be a few thousand dollars at closing; however, this would save you tens of thousands of dollars over the life of your mortgage term. Paying points always makes sense if you have the available capital and do not need to use it in other areas of your business.
If you have a Fanny Mae or Freddy Mac loan and don't have enough equity, you may qualify for the federal loan modification program. If everything looks ok, then go get multiple rate quotes. You can do this online.
One last thing, rates fluctuate daily, so today's mortgage interest rates are only good today, so don't wait for a week before locking your rate in, when you decide which one is best for you, go for it.
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