I Have a Rental Property With a High Interest Rate of 9.7%. What Options are There for me to Refinance into a Lower Interest Rate?

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I Have a Rental Property With a High Interest Rate of 9.7%. What Options are There for me to Refinance into a Lower Interest Rate?

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Q:I Have a Rental Property With a High Interest Rate of 9.7%. What Options are There for me to Refinance into a Lower Interest Rate?
A: Your options for refinancing a rental property are very much dependent on two factors: the amount of equity in the home, and your credit rating. On both counts, banks have gotten a lot more strict about lending money for real estate — especially for second homes and rental properties. I’ve written about this topic before. Check out these article for some tips:

http://askthemoneycoach.com/2010/01/do-you-know-any-lenders-that-will-approve-a-home-equity-loan-on-a-rental-property/

http://askthemoneycoach.com/2010/01/how-do-i-obtain-a-loan-to-buy-investment-property-with-bad-credit-i-rent-out-one-property-that-i-own-but-i-can%E2%80%99t-get-a-loan-on-it-because-my-credit-score-is-560/

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I Have a Rental Property With a High Interest Rate of 9.7%. What Options are There for me to Refinance into a Lower Interest Rate?

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