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Mortgage rates in the US over the last 2 years have dropped to historic lows

Currently there are  record-low mortgage rates, dropping below 3% for the first time in history. This is happening alongside property values that continue to rise or stay steady.

As such, there’s never been a better time explore financing and refinancing options than right now. With the right financing options you could save thousands of dollars in the long run.

mortgage rates in the US

* Source Fred Economic Research

Answer a few simple questions to get matched with a lender partner who will provide you with a competitive mortgage quote.

Why Refinance Investment Properties?

Generally speaking, refinancing offers successful investors an opportunity to expand or improve their portfolio. The best time to consider refinancing a rental property is when the value of the property is high and interests are low as this will allow you to negotiate favorable terms.

A few of the most common reasons that investors choose to refinance their investment property or properties are:

To lower your current mortgage interest rates

Currently, interest rates are relatively low for real estate investors. Even if they rise slightly, they are forecast to remain favorable compared to historic rates.

Tracking interest rates will help minimize costs when investing in a rental properties.

Get more financing to expand your rental portfolio

Money gained from refinancing can be used towards a downpayment on another investment property. This is considered a cash-out refinance when you take out a value against your mortgage to pay for something else.

Renegotiate terms and pay off your loan faster

Perhaps your current mortgage is 30 years long and you want to reduce that. Along with making your interest payments more predictable, switching to a fixed-rate loan lowers your overall monthly payments and interest rates. You may even be able to reduce your loan term significantly. You could reduce your mortgage from 30 years to 15 years, or from 20 years down to 10 years.

To upgrade or renovate current investment properties

Renovating a home can add tremendous value, but first, you need the money to do so. By refinancing, you can have access to more money to renovate. This is another example of cash-out refinancing.

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Keeping Accurate Finance Records with Landlord Studio

reporting

Whether your strategy includes something like cash-out refinancing or you’re getting a new separate mortgage, having accurate and complete financial records is vital if you want to be able to secure good financing options.

With Landlord Studio you can easily track income and expenses, as well as automate admin tasks, collect rent payments, manage tenant communications, and instantly generate a range of professional reports.

You can get all the data you need to prove the dependability of your property’s rental income from the Landlord Studio software.

  • Run a property tenancy report. This will show you the properties vacancies rate as far back as you have recorded it.
  • Run a profit and loss report for that property. This will enable you to show that your property is cash flow positive and that you won’t have any trouble paying new interest rates.
  • Print off your copy of the signed lease agreement. You can store all your important documents in the landlord Studio secure cloud server so that you have access to it anywhere anytime. This means you can easily prove with signed lease documents your historical and current tenancies.

You may need several additional documents such as a credit report and your recent personal tax return to qualify for refinancing. You can learn more about the documents you need for your mortgage here.

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Ben Luxon

"Ben is an author and real estate enthusiast. His interest in all things entrepreneurial has led him to work with real estate professionals all over the world, distilling their knowledge into articles and Ebooks. His love of travelling has taken him to over 10 countries in the last year, where he has sampled the craft beer of them all."

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