Refinance Investment Property
Investment properties, or rental properties, are meant to increase your financial well-being. If you already own an investment property and are looking to improve your cash flow, a refinance may be able to reduce your financial obligations. Interest rates are typically higher for investment properties, so refinancing at the right time may lower these rates and reduce your monthly payment.
A cash-out refinance may be beneficial for your investment home because you will have access to immediate money to renovate and bring your property value. This will increase the amount of rent you, as a landlord, will be able to charge your renters.
If you own more than one investment property, you can utilize a cash-out refinance on one or more homes to pay off the mortgage on your other properties. This money may also be put toward purchasing additional real estate. As with every refinance, it is important to consider the resulting tax implications.