I want to refinance the rental property I bought in 2007, because it’s rate will change by June 2011. But since rates are low these days, I am considering on refinancing our primary (our home) property also. My loans are with 2 different banks. My questions: 1) Is it wise to refinance them at the same time? 2) If it’s okay, should I do it where I currently have my loans? 3) Should I talk to 1 bank and have them refinance both loans? Please help. Thank you!
First approach the original lender so you can do the refinance without all the closing costs.
Then approach your bank Not many banks will handle both a primary mortgage, for your home and a commercial mortgage for your rental
I was in the exact same position recently. I found help here:>