Getting lower rates on non-owner occupied properties

[Roy Mitle]

I want to take advantage of the lower mortgage rates to re-fi my rental. However, while the rates on owner occupied have come down a lot, I am not seeing the same for rentals.

The spread is almost 1% !

At what point can I say my rental is no longer a rental. If I don't have a renter for 1 mo and live there for 1 mo and then re-rent it can I claim an owner occupied rate. I doubt someone who rents their property later on actually informs the lender to increase their mortgage rate just because they started renting out their property...

[Jason Wray]

Roy,

Rates are not that bad in regard to investment.  If you think that mid to high 3 percentile is high than you better not wait until January of next year when Fannie Mae/Freddie Mac increase their cash out refinance fee to rate by .50BPS.  Not to mention when this happens (ALL BANKS/LENDERS) will hedge up like they always do to follow the market.  If you do not lock into these rates now you will be kicking yourself in 2021.

What is your scenario: Fico, LTV, Loan amount, Property Type (2-4 unit SFR etc)?