New Jersey.
Greetings and thanks for your comments.
Not quite 2 years ago, I re'fid my principal residence [with only 2 payments to go before it was paid off!] to purchase a rental property.
Thankfully the market here has not lost a great deal of value and even with that my LTV is at 50% for the principal residence.
The rental property is free and clear.
My self employed & very modest income was bolstered by my excellent credit, so I received a good rate for the time of 6%.
I would like to re-fi and place some debt on the rental [maybe alll of it] and my current lender [BoA] has just emailed me a re-fi offer of 4.75 w/ 1.5 pts.
I had to refi the principal resodence to buy & reno the rental.
I do not know what BoA will think about all this as I did not tell them that I was buying another property.
Should I expect a problem with them about this scenario and/or should I just continue to shop around?
Thank you for your time and atttention.
RowZ
Greetings and thanks for your comments.
Not quite 2 years ago, I re'fid my principal residence [with only 2 payments to go before it was paid off!] to purchase a rental property.
Thankfully the market here has not lost a great deal of value and even with that my LTV is at 50% for the principal residence.
The rental property is free and clear.
My self employed & very modest income was bolstered by my excellent credit, so I received a good rate for the time of 6%.
I would like to re-fi and place some debt on the rental [maybe alll of it] and my current lender [BoA] has just emailed me a re-fi offer of 4.75 w/ 1.5 pts.
I had to refi the principal resodence to buy & reno the rental.
I do not know what BoA will think about all this as I did not tell them that I was buying another property.
Should I expect a problem with them about this scenario and/or should I just continue to shop around?
Thank you for your time and atttention.
RowZ
