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Tips When Refinancing Income Property


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Obviously investment property financing is a little harder to get now than in past years, thanks to the financial and housing crisis that began a couple years ago.  That said, if you are looking to refinance, there are a few things you can do to help get the best deal possible. 

Shop Around

Firstly you must make sure to do your research.  Peruse lender rates on sites like bankrate.com and call a few that seem to have the better deals.  Get a “good faith estimate” (GFE) from each lender you call in order to compare interest rates, closing costs, repayment terms, and penalty fees.  Also see if you can use your own appraiser instead of using the bank’s regular person, because if you can use an appraiser you know and trust you can usually get a more favorable appraisal.    

Maximize Appraised Value

The second thing is to make sure your income property gets the highest appraised value possible.  You can do this by enhancing curb appeal to make sure the property is shown in the best possible light. 

There are a few cheap and easy things you can do to enhance curb appeal and generate a positive first impression.  For example, make sure the landscaping looks good by pulling weeds, planting some bushes or plants, adding fresh mulch to garden beds, and manicuring the lawn.  Also fix any other outside features that appear rundown or in disrepair.  For example, does the front door need new paint?  Are there any dings in the siding?  Is the fence bent? 

The inside of the property should also look nice, so if needed add a fresh coat of paint, new bathroom fixtures, new window blinds, shampoo the carpet, etc.  These things will only cost a couple hundred dollars but will go a long way toward squeezing a little more value out of your real estate appraisal.    

Summary

The bottom line is that it is still possible to refinance investment properties; just do your research to find the best mortgage, and fix up the property to maximize its appraised value.  Doing these things will ensure that you will receive the best terms possible.



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