Financing in 21703>Question Details

 Acneiva81, Real Estate Pro in Boyds, MD

Have an investment property in frederick with a rate of 5.85%, would like to refinance.

Asked by Acneiva81, Boyds, MD Sat Jan 11, 2014

HARP is not an option because we refinanced to add my name onto the mortgage with my husband's a month after the cutoff. we owe 194k and zillow says townhouse is worth 230k so we have about 84% LTV. Don't want to put any money into refinancing as the property is a rental and barely makes what we owe per month. We have excellent credit scores (735 for both). Our principal residence was purchased in march 2013 with 20% down and already has gained 50k in worth, so we are in good shape otherwise. Would anyone want to take this refinance?

0 votes Share Flag Financing in 21703

Help the community by answering this question:


Yes let's talk when you have a few minutes today. There are a few options here and after talking for a few minutes we should be able to help you decide the best way to move forward. We'll explore the primary home but if the rate is low then that might not make sense. I know it's hard to choose from so many lending options. Please check on Trulia for ratings of lenders and I attached my client testimonial page also. If I can help I will.

Brent Mendelson
1st Mariner Mortgage
1 vote Thank Flag Link Mon Jan 13, 2014
Late to the game, but the first thing i would do is make sure you are working with a correct value. While Zillow and other online AVM's are a decent tool to get a ballpark value, they can often be way off. This is especially true if your property is located in a niche market like Historic Frederick or similar market.

It may be that you have enough equity to refinance the home without tapping your primary residence, or it may be that you have even less equity than you thought. Either way, you want to know this before you spend any time or money working on a refi solution.

My advice is to have a few Realtors who sell a lot of property in the location of your home give you a market analysis. (Of course, if this is YOUR market, you will know if the Zillow estimate is accurate). Once you know the true value, you will be better postioned to make an informed decision as to whether it's worth the cost of refinancing. My guess is that you will only come down 1 to 1.25% without paying a lot of fees. That's not going to save much on that size loan, so it may just be best to stay with what you have.

Happy to discuss options. I've been doing this for 25 years. Pop me an email if you like at Thanks and good luck!
0 votes Thank Flag Link Thu Feb 6, 2014
Hi AC,

You have several options available and just need the right mortgage professional to guide you. It sounds like Brent Mendelson has some possibilities for you.
0 votes Thank Flag Link Mon Jan 13, 2014
Thank you very much Laura.
Flag Mon Jan 13, 2014
It is easier than you think. We use the equity in your primary residence to lower the mortgage balance on your investment property to 75%. The bottom line will be a lower monthly cash flow and faster reduction in the overall mortgage balances. Over the last few years, I have used this process to successfully structured a number of similar refinances . I am a local a Frederick lender. Feel free to call me at your convenience to discuss to accomplishing this refinance for you. George Makrides 301-639-0804.
0 votes Thank Flag Link Sat Jan 11, 2014

I am a local direct lender in Annapolis Md. I would love to look at your refinance. I had an experience with this exact type of situation last week. We are waiting for the appraisal to come back now. 85% loan to value with great credit is a doable loan.

Jeff Gay
1st Mariner Mortgage
443 624 0689
"Experience the Difference"
NMLS - 455860
0 votes Thank Flag Link Sat Jan 11, 2014
This is a tough, but not necessarily impossible situation. We need to go over some details and do a little due diligence to determine if it is feasible to refinance, and if so, if it is worthwhile!

Due to a pretty rough schedule with kids, airports, and weather this weekend, it will be tough for me to devote appropriate time to you until Monday. Is there a good time on Monday for us to speak on the phone for 15 minutes or so?

Robert Hanson
Gladewater National. Bank
O: 240-752-7549
C: 301-651-7822
Web Reference:
0 votes Thank Flag Link Sat Jan 11, 2014
thanks! I will give you a call monday.
Flag Sat Jan 11, 2014
Hi acneiva81

If you want to email me at I can put you in touch with a lender who might be able to help you.

0 votes Thank Flag Link Sat Jan 11, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer