Refinancing investment property with eLEND
PLEASE NOTE: THIS PROGRAM HAS BEEN TEMPORARILY SUSPENDED UNTIL FURTHER NOTICE.
When you’re interested in refinancing investment property, the mortgage consultants at eLEND can provide you with expert assistance.
eLEND is a leading provider of mortgages and online loans for financing and refinancing homes and investment property. eLEND mortgage consultants are highly trained specialists who can help you decide when to refinance, how to secure the most advantageous mortgage refinance rates, and which mortgage programs will help you best achieve your financial goals.
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Options for refinancing investment property
Conventional fixed rate mortgages may be used for refinancing investment property and offer consistent payments, enabling you to manage your investment property cash flow more easily. Mortgages are generally available for single-family homes, condos and two- to four-unit multi-family properties.
Eligibility requirements for refinancing investment property are generally higher than for refinancing a primary residence. Qualification requirements may include a higher credit score, a larger down payment, and a greater amount of reserves that can be used to cover the mortgage and other expenses in the event the property goes unrented.
eLEND also offers products that can be used to refinance a manufactured home or to refinance a modular home.
Refinancing investment property to meet financial goals
When refinancing investment property, your eLEND mortgage consultant will help you choose the program that best matches your financial goals for refinancing. These may include:
- Making your monthly payment more affordable – You can lower your monthly mortgage obligations by refinancing investment property with loans that have a lower interest rate, a longer term or both.
- Securing a lower interest rate – If you purchased your investment property with an adjustable rate mortgage that now has a higher interest rate than the prevailing market, refinancing to a fixed rate mortgage will allow you to lock in a lower rate and save money over the life of the loan.
- Getting cash out for renovations – When refinancing your investment property, you may be able to borrow against the accumulated equity in order to get cash out for renovations and repairs.
- Consolidating other debts – You may be able to consolidate higher interest debts or pay off other properties by taking a higher mortgage amount on your investment property at a lower interest rate.