Las Vegas House Rentals – Where Can I Get a New Mortgage on My Existing Rental Property?

las vegas home rentals

Las Vegas House Rentals – A year ago we moved to GA from Las Vegas. Had trouble selling the Vegas home, so we kept it as a rental. We’ve now come to the end of our fixed term on that mortgage. Our mortgage company is not willing to refinance because it is a rental. We are not making any money off of this home, and are desperate to either refinance or get out. Any advice from you las vegas nv rentals?

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Filed under Las Vegas Apartment Rentals, Las Vegas NV Rentals, Las Vegas Rental Homes, Rentals in Las Vegas Nevada by rentlasvegas

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Comments on Las Vegas House Rentals – Where Can I Get a New Mortgage on My Existing Rental Property?

Landlord @ 9:15 pm

They financed it before, why not now?

I use Wells Fargo as much as possible, which is only 10 units, but better then nothing. They are great.

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Dale H @ 1:53 am

If the problem is the loan to value, you may have a problem refinancing with anyone. Basically, if you are in a declining market (which I believe Vegas is), the PMI companies will not issue coverage so that 80% is the maximum loan to value on investment properties (e.g. 80K loan amount on value of 100K, etc.)

If that is not the problem, I don’t know why they would not do a refinance just because it is an investment property.

Do you know how your ARM will adjust? With most indexes down, there may not be a reason to panic. Fixed rates are high right now. They are projecting to come down in the fall, but we will have to wait and see.

If you would like to discuss the situation further, send me an email through the link in my profile and I would be happy to give you a call.

Good luck and I am sorry for the trouble you are having.

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