Improve Your Real Estate Investment ROI
Refinancing an investment property is a great way to maximize its wealth-enriching potential. Whether you’re refinancing to lock in a lower rate, reduce the mortgage term, or get cash out to make improvements, Ark Mortgage can help you get the most value from your property investments.
We offer investors Multi-Property discounts when they purchase or refinance more than one mortgage at a time. And our Investor’s Loan allows you to purchase an investment property while using rental income to qualify.
Our refinance transactions usually close within 21 days after receiving a complete application with all requested documents, so you can meet your financial goals fast.
What will my monthly mortgage payment be?
Calculate monthly mortgage payment scenarios on your investment property in seconds. Choose different rates and terms to calculate how affordable it could be to buy your new investment property. See how much interest you can save over the life of the loan by altering the length of the term, and enter prepayment amounts to calculate their impact on your overall expenditure.
What is loan-to-value (LTV) requirement for financing investment property?
For a single-unit investment property purchase, a 15% down payment is typically required for an LTV of 85%. 2-4 unit investment property purchases normally require a 25% down payment for an LTV of 75%.
What are the income requirements for financing an investment property?
Required income for financing your investment property will vary depending on the amount of the monthly mortgage payment and other debt considerations. The total debt-to-income ratio (including the mortgage payment) generally cannot exceed 45%. Consult with your Personal Mortgage Advisor for information that pertains to your situation.
How long do I need to wait to refinance an investment property to take cash out?
Typically, you will have to wait through a six (6) month seasoning period prior to using a cash out refinance to take equity out of your investment property. There are programs, such as Ark’s Cash Advantage Program (CAP), that may allow you to cash out immediately after your purchase. Contact a Mortgage Advisor to discuss the specific programs and their guidelines.