Generally, rental income can be counted when you’re applying for a mortgage or refinancing an investment property. However, like all other sources of income, it must be properly documented and meet specific qualifying guidelines.

How soon after refinancing can I buy another primary residence?

How soon after refinancing can I buy another home? If you plan to buy a vacation home or an investment property, you can buy as soon as your refinance closes and you have the cash in hand. However, you cannot buy a separate primary residence using a cash-out refinance and then move into it right away.

Is it possible to refinance an investment property?

If your lender owes you money, such as during a cash-out refinance, you’ll see it in your bank account within the next few days. It’s possible to refinance an investment property similar to how you do it with a primary residence. When you refinance, you may be able to secure a lower interest rate or change the terms of your loan.

What kind of interest rate do I get for refinancing my home?

For example, you can expect investment property refinance rates to be a minimum of 0.5 to 0.75 of a percentage point higher than conventional mortgage rates. The interest rate you ultimately get will depend on the housing market, your credit score, income and other requirements determined by your lender.

Can you refinance if only one spouse is on the mortgage?

If only one spouse is on the existing mortgage — for instance, if they bought the home before getting married — that person is free to refinance the mortgage in their name only. If both spouses are on the current mortgage, your options depend on your refinance goals.

What can I do with my Equity when refinancing my home?

When you refinance, you may be able to secure a lower interest rate or change the terms of your loan. You can also take money out of your accumulated equity using a cash-out refinance or home equity loan. Many investment property owners refinance to make improvements to their properties, increasing both rental and market values.