I have a current mortgage on a condo that I once lived in, but is now a rental property. The condo would likely be appraised at about $120,000. The current balance on the loan is $86,000 (72% LTV) and the current interest rate is 4.75% for a 15 year term.
I'm finding it impossible to get a decent quote for a refinance using any of the online sources I've looked at. The criteria would be...
- an APR that is enough below 4.75% to be attractive for a refinance
- low closing costs
- no points
- no cash out
- can be 15 or 30 year term, or any fixed term
- for a condo investment property
I realize that there's a gray area as far as me claiming this is actually owner-occupied and not a rental. I was hoping to stay out of any gray areas if possible.
Any recommendations? Thanks so much and have a merry Christmas.