Question: Finding that I was unable to sell my previous home in PA in a resonable time, I decided to rent the house at about a $125/month loss. I currently have a 9 7/8% mortgage for 30 yrs. I’d like to refinance at today’s lower rates without incurring any substantial closing costs (would like <$1000 on $90K), but I seem to run into the roadblock that the house is now considered an investment property and thus require higher closing costs. Are there any suggestions out there for refinancing an investment property for little or no closing costs? Thanks in advance.

Answer: hpcss01:misc.invest.real-estate / forg…@cbnewsj.cb.att.com (scott.l.forgues) / 4:21 pm Aug 25, 1993 / Finding that I was unable to sell my previous home in PA in a resonable time, I decided to rent the house at about a $125/month loss. I currently have a 9 7/8% mortgage for 30 yrs. I’d like to refinance at today’s lower rates without incurring any substantial closing costs (would like <$1000 on $90K), but I seem to run into the roadblock that the house is now considered an investment property and thus require higher closing costs. Are there any suggestions out there for refinancing an investment property for little or no closing costs? I’m going through it right now in Arizona. The best deal I could find is 8.309% for a $65,000 first on a $130,000 property. I was stunned at how much qualifying I had to do with a 50% equity.

My total closing costs will be about $3,500 with another $1,500 going into my impound fund. (They require 14 months taxes and insurance in advance!.)

In checking back, I found those costs consistent with financing I got in 1987 and 1990. it all depends on where you live, each state has different rules and regulaI am a loan officer for a bank in NJ, and all we do is mortgages. In the begining of this year we started a mortgage program with no closing costs, we ONLY charge a $300 application fee, and that covers everything for most people. As long as the mortgage is above $100,000, we cover all costs. If anybody in NJ is interested, just let me know.

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