Long time clients of mine (1998) bought a rental property in 2006. We finally think they have 20% equity and decide to refinance. Then a blow… we get a low appraisal … how is that a win?  Well, their loan is from 2006 and they do finally have 10% equity not the 20% we hoped for. That’s usually not enough for a rental property refi, but luckily they have a Fannie Mae loan, and therefore are eligible for a HARP refi. So we were able to drop their interest rate from 6.25% to 4.125% on a No Cost Loan, saving $248 per month and NO PMI!

Yes, if you or someone you know still has their loan from 2009 or before have them check in with me for a refi. They may be pleasantly surprised.