Can I do 2 refi's at the same time? Rental property & Home Jumbo?

[Joseph James]

Hello, all.

Here is my scenario: I am looking to refinance/consolidate debt on some four-plexes that I have, as well as refinancing the Jumbo mortgage on my homestead.  I have a lender who will do the refinance/consolidation on the fourplexes but not the Jumbo , and I have a couple of banks that will do that homestead Jumborefinance but not the fourplex refinance.

What is the most efficient way to discover the lenders/mortgage broker who will provide me with the best terms? Doing the refi on the investment properties and the jumbo will net me significant monthly saving in terms of payments over what I have already been consistently paying, so it should be a slam dunk for the lender.

Properties/mortgages listed as follows:

1.  3 Four-plexes  I want to re-finance into one loan:

a. November 2019 30 year at 4.875%: 323,000 remaining balance

b. Feb 2012 15 year at 4.25%: $60,000 remaining balance

c. Feb 2012 15 year at 4.25%: $60,000 remaining balance

For a total outstanding loan balance of $442,000, with a combined payment of $4,213 per month.

I have multiple free & clear four-plexes with a value of $650-750k that I could do a cash-out refinance for $442,000, pay off the outstanding balance on the above loans, and get myself a monthly payment of less than $2,000, depending on the rate.

2. Homestead refinance:  30 year mortgage at 3.875% with $885,000 outstanding balance, current payment of $4,400.  Property value of about $1.3MM.

I see that Jumbo refi rates are below 3%, and this could net me a payment saving of $800-1000 per month, which is not trivial.

As far as personal balance sheet, credit score, and income go, all get top marks.

I am interested in getting the best rate/lowest payment for the above existing debts, which I have paid without fail since they were originated.  The above savings on payments would be in excess of $30,000 per year, so I am anxious to get this move done.

Any help/advice on the most efficient way to get this done would be appreciated.  

I am in Miami, FL, (both home and investment properties) if that makes any difference.

[Joseph James]

Originally posted by @Raymond J. Rodrigues:

@Joseph James feel free to reach out. I am also located in Miami.

I appreciate your reply in this thread, and the direct message.  I will be in touch.  Thank you.