Looking for lowest rate-is an ARM an option?

[Ben Russell]

I have a rental condo in Denver that I need to do either a cashout refi or some kind of delayed financing on. Calling around, most people are quoting ARM rates at higher than a 30yr fixed. I really need to get into the upper to mid 6%. Is this possible with an Arm?

thanks. 

[AJ Wong]

Condo and cash out will 'hurt' pricing for any lender. In general ARM's are pricing less aggressively than fixed rate loans. Is it a payment target you're aiming for? You could try an interest only option. 30 years fixed. First 10 years I/O and fully amortized for 20 years thereafter..

If it's full income verification, strong credit and a lower LTV you should be able to get there with a mild buy down..Check in with @Joseph Chiofalo for a quick second look. He just helped an investor with a lower LTV on a cash out seven plex reach the low 7%'s and that's a much more difficult loan..

Good luck!