Refinance With Multiple Properties
Published: Thursday, September 05 2013
Refinancing a home has many benefits, including obtaining a lower interest rate, lowering monthly payments or taking cash out. As with any loan process, refinancing can be a rather daunting task and refinancing a home while owning multiple properties can be even more confusing. While financing multiple homes can be tricky, it’s not impossible.
When refinancing a home, while owning multiple properties, it is important to note that lenders only consider the financed properties as debt when looking at the "maximum number of properties" guidelines. These properties are ones that still have loans outstanding on them, and therefore are the only properties a lender is going to consider when deciding whether or not a borrower should be financed. For example, if you own 3 homes and only have an outstanding mortgage on one of them, then only the one with a mortgage will count towards the lenders refinancing decision. If you use the other two homes as long-term rentals, you may even be able to use the income acquired from the properties to meet the necessary income requirements. If you do not use those homes to generate income, then they simply won't play a large role in your loan process. If you own more than one property and have multiple mortgages in your name, it can cause refinancing to be a little more difficult, but is still likely possible. To find out more about refinancing your home call RP Funding at (321)397-4420.
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