I am looking to refinance a single family rental property. What is a good interest rate and do you recommend a reliable mortgage company?
First and second mortgage total $45,000, and market value around $85,000. My credit score is 685.
Answers | 3
Interest rates will vary between lenders for a variety of reasons, your credit score being just one of them. A 30yr fixed mortgage on an investment, single family proeprty could be anywhere between 4.00% and 4.5% right now. As far as a reputable mortgage company, my best advice would be to speak to friends, colleagues, and/or family. There are hundreds of lenders out there from big banks to small brokerages to online lenders. I have always found that the best way to go is through referral. You should then check out the individual loan officer as well perhaps starting at his or her LinkedIn page for information & recommendations. Hope that helps!