Investment Property Mortgage Rates
Will mortgage rates drop anytime soon? I am about to refi an investment property?
I have to refi my investment property. I bought a fixer upper hoping on fixing it up and turning right around and selling it. as everyone knows the housing market went to crap. I am now currently renting out the house after it failed to sell in a timely manner. I used lines of credit to fund the project and now want to refi to free up my money to persue other interests. I wanted to hear other peoples opinions on where the rates are headed. I checked bankrate.com and national avg on a 30 yr fixed is 6.27%. Where are they headed in the next few months. 30 days ago it was around 5.75% Thanks everyone
I have read that the Fed is worried about inflation and is reluctant to push rates down despite the current recession and credit crisis. They may go a little lower, but it won’t be much. At these levels, definitely do a fixed rate. Rates will likely climb back up in a year or so.
Make sure the lender you choose has the money to fund! Ask to see their balance sheet. A lot of lenders may promise great rates, but they are sitting on all this foreclosed real estate that they cannot sell, so they have no cash to fund new loans. That is why they are in so much trouble.
That’s what I know about it.
Logical Investment Options LIO
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