Refinance second home mortgage rates

Now there are fears that

Refinance Your Vacation Home, Investment Property, or Second Home

You probably won't be surprised to learn that as mortgage lending guidelines have become stricter, it has also become more difficult to refinance a second home, vacation home, or investment property. Despite this, it is well worth looking into taking advantage of today's low mortgage rates as you may be missing out on significant savings.

Most lenders consider loans on secondary properties riskier than those on owner-occupied homes because in the event of financial difficulty, the borrower is much less likely to default on the home in which they live.

If you want to refinance your second property be prepared for:

  • Higher interest rates
  • Lower loan-to-value ratio requirments
  • Higher minimum credit scores
  • Additional income verification/documentation

The requirements for refinancing will vary greatly depending upon the lender, the investor, property usage (e.g., vacation, investment, rental), and a variety of other factors.

The mortgage interest deduction

2005-10-13 19:50:10 by storeez

Not sure who all this proposal is going to affect in here, but Bush's advisors have suggested that the current 1 million dollar ceiling be dropped to about $350,000.
What this effectively means is that if your mortgage is $350,000, you still get all your deductions. But if it is 600,000, you get to deduct only the interest paid on the first $300,000. This means an increase in tax liability of major proportions for those who have large mortgages.
On the west coast here, in the Bay Area, the average home price for a place most would feel OK living in is over $600,000. Now. If this proposal goes through, even with fairly low interest rates, the people who otherwise could afford to buy no longer can do so

Can you find another 10% investment?

2013-05-18 14:31:38 by bobrogve

I'd like to get in on it.
What's the home price to median income ratio in your area?
One caveat is that the Fed is now making noises about ending QE. I don't know how much longer they'll keep interest rates low after that. They have promised not to raise rates until unemployment improves, but Bernanke will be gone next year. The new chair may be a dove too, but it's a risk nonetheless.
Interest rate hikes will depress home (and bond) prices, all else being equal

Here's better reason & does anyone long for JFK

2008-03-17 12:55:14 by LivaLittle

And the way reporters ignored his affairs? Ditto FDR and Dwight Eisenhower. Today's tabloid-ish snoopery into one's sex life needs a return to the days and ways of old.
Now, actual reasons Spitzer was outted so thoroughly:
Since Bush came to power, a new species of loan became the norm, the ‘sub-prime’ mortgage and its variants including loans with teeny “introductory” interest rates. From out of nowhere, a company called ‘Countrywide’ became America’s top mortgage lender, accounting for one in five home loans, a large chunk of these ‘sub-prime

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