Refinance
Make sense of your rental refinance.
Review the existing loan, the proposed structure and what you want the refinance to accomplish.
Name the reason for the refinance.
You may be exploring a different payment, a maturing loan, a change in terms or an ownership question. Start with the objective. A refinance is not automatically beneficial simply because a different loan is available.
Collect the current-loan details.
Use a recent statement as a starting point for balance, payment and maturity. A statement balance is not a final payoff. Interest, fees or other amounts can affect the actual payoff used at closing. Include subordinate liens in the discussion.
Use a current property estimate.
The value you enter is a planning estimate until supported by the required valuation. The proposed loan divided by that value gives an educational LTV. An appraisal or review can change the usable value and therefore the available structure.
Look beyond the monthly payment.
Compare closing costs, the new loan balance, term, prepayment provisions and total obligations as well as the payment. Ask the reviewer to explain what changes and what remains. Do not assume a refinance produces savings or a shorter repayment period.
Own the property free and clear?
Select Free & Clear to explicitly identify a zero current mortgage payoff. A blank balance is not treated as zero. Financing a property without an existing loan may receive different transaction treatment under the investor’s rules; the reviewer must confirm the appropriate path.
Educational information only. Current lender guidelines, property review, credit, documentation, state availability and underwriting determine eligibility and terms.
Your first step can be a simple one.
Bring the details you know. We’ll help you identify what comes next.