With many mortgage interest rates below 4 percent, it’s a great time to think about refinancing your duplex.
But there’s a catch to refinancing; beyond the requirements of having a job and good credit.
The duplex needs to be worth more than you owe on it.
For some duplex owners, this is a real problem.
So how do you find out what it’s worth? Well, the bank’s going to hire an appraiser on your behalf to offer a professional opinion of the duplex’s value.
And you have to pay for that appraisal whether you get the loan or not.
Yes, I suppose you can go to Zillow and get a Zestimate. The trouble is, they’re usually not very accurate.
But guess who can give you an accurate measure of value — absolutely free of charge?
Now, I do like to be paid for what I do, and my time, like everyone else’s, is spread pretty thin.
However, I’m always happy to do what I can for a duplex owner thinking of refinancing.
Most of the time, I actually want to see the property. This helps me become further acquainted with inventory, which makes me a stronger resource for my clients.
It also helps me get a read on the challenges and opportunities duplex owners are facing, and an early read on rental market conditions.
If you want to know what your duplex is worth, call me. Even if I’m not in your area, I’d be happy to refer you to an agent who can lend a hand.