Asked by Lmf55, Dallas, TX • Wed Mar 21, 2012
Are there refinance options available on a former residence, now rental property in Plano, Tx. We bought the home in 2002 for $2.2 million. I estimate current value at around $ 1.8 million. Loan balance is $1.3 million. Rate is fixed at 5.65 with 22 years to go ( we refinanced in 2004). We had a second mortgage but we paid it off. Our current primary residence is paid off. Credit rating is in 800's. We are willing to pay down loan on the rental house in order to get lower rate. We are into second year of three year lease and receive $13,000/ month in rent. 30 year fixed, 15 fixed, and 5/1, 7/1 arms would be considered.
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