Financing a Rental Property

[Katharine Chartrand]

I have an existing single family home that I want to mortgage, cash out and rent. 

Last year I was able to get a 4.6% 10 year balloon mortgage for this type of investment property from an online lender.  This year I am finding all avenues for borrowing against this property and cashing out are blocked or relatively expensive (like 6.75%).  6.75% would not make sense for this deal.

I am in New Mexico.  Can people let me know how people are financing rentals these days?

>KNC<