All Forum Posts by: Robert Young

I ended up not going through with the Refi for this home, but I used PennyMac for a IRRRL for a different rental. Hope this helps.

https://www.pennymacusa.com/

Welcome to Bigger Pockets.  I’m stationed at JBLM, just arrived here last November.  My story is similar to yours, I started investing a lot later in life at the age of 29.  I currently have 2 rentals, and own a house in Puyallup.  Feel free to message me anytime.  
 

This is one of the questions I had originally.  The interest rates for rental properties are normally 1% higher.  The lender explained since I was forced to move in the military, I could still get the owner occupied rate, if I write a letter saying I did live in the property prior to my move.  

I agree that we may not see rates this low again.  The only con I really see is resetting this loan from 26 years left to pay it off back to 30.
 

I have rental property, and I'm thinking about refinancing using the VA Streamline IRRRL. I want to make sure that it makes sense before I make my final decision. After the loan is complete, I should save about $155 a month for a fee of about $5k that I will recoup in about three years. The details are below:

Original loan amount - $237k including VA funding fee, 26 years left on the current loan

The new balance after refinance - $220K

Current balance - $215k

Original Rate - 30 years fixed 3.375%

New Rate - 2.75%

Amount saved a month - $155

I also made it clear that I would like to only close during the first two weeks of the month to try and skip two payments to help save some cash to put away for future real estate investing. Please send your thoughts.