Looking to refinance multi-family investment property

Asked by Nj Landlord, New Jersey Fri Nov 5, 2010

i have a first and second mortgage on my property. bought it in jan 2008. i owe 426/445 on first and 72/82 on second. I have a interest rate near 6....when i try to refinance with my current company...they tell me because i am over 417, and multi-family and investment, i am pretty much near the rate i am at now...is this true??? it is so damn tempting to see low 4s out there....house could appraise for ~485K (according to zillow)...yes, I am under....what are my options???

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Keane Ng, Mortgage Broker Or Lender, Renton, WA
Fri Nov 5, 2010
Nj,

See if your first mortgage is backed by Fannie Mae or Freddie Mac. HARP loans are be used on rental properties and actually price VERY WELL since they implemented a price cap.

http://www.keaneloans.com/2010/07/01/harp-loans-perfect-for-…

http://www.keaneloans.com/2009/12/18/homeowners-guide-to-harp/

If it is, you can probably refinance just the first mortgage and have the second mortgage company subordinate. Even if the loan doesn't how up on the Fannie Mae or Freddie Mac lookup tools online, call your lender. Those website tools don't always work. Especially for multi-family. Here are the links:

Fannie Mae’s lookup tool:

http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac’s lookup tool:

https://ww3.freddiemac.com/corporate/

If your property does not show up on either of the property lookup tools, you should still call Fannie Mae or Freddie Mac to see if they own your mortgage. Fannie Mae and Freddie Mac do not always have the exact address saved correctly. This is why it’s important to call.

Fannie Mae’s phone number:

1-800-732-6643 or 1-800-7-FANNIE

Freddie Mac’s phone number:

1-800-373-3343 or 1-800-Freddie

If you don’t have luck there, contact your current servicer and see if they know if you have a Fannie Mae or Freddie Mac loan. Lastly, you can have the mortgage company you’re applying a HARP loan from run an automated approval through Fannie Mae’s Desktop Underwriter or Freddie Mac’s Loan Prospector software and it may indicate if the property qualifies for a HARP loan.
1 vote
karen.ramirez, , Honolulu, HI
Wed Feb 6, 2013
Check out this site http://commercialinvestmentstrategies.com/ Maybe this could help you out!
0 votes
Al Akerman, Mortgage Broker Or Lender, Lakewood, NJ
Sun Nov 7, 2010
NJ, as far as rates are concerned, it would make a big difference if it is a two family or a 3-4 family.

Feel free to email me.
0 votes
** Jeremy Gr…, , 07748
Fri Nov 5, 2010
It is a possibility that you may find a solution and I certainly wouldn't recommend giving up. How bout lets think outside the box and wonder about what kind of income is being generated into the property?
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Fri Nov 5, 2010
You have none. Until the property escalates in value - you will find it difficult to find an investor to finance it.

Their risk is too high.


Gerry Dunn
Associate Broker
Serving MD, VA and D.C.
301-651-8600
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more