Working closely with your lender is not the only way to improve your monthly payment. The following is an excerpt from my Lowest Monthly Payment Guarantee Checklist that we use to minimize monthly payments that discusses possible ways to use other property you own.
It is not a big list, but it does allow you think creatively about ways to utilize the other properties you have to minimize your monthly payment which, in return, will help you maximize your cash flow as we discuss in the video on improving cash flow on your rental properties.
How to Minimize Your Monthly Payment Using Other Property Your Own
- If I own another property with equity, would it lower my monthly payment for me to do a “cash out” refinance on that property to buy this property?
- If I own another property, would it lower my overall monthly payment if I do a “cash out” refinance and use that money as a bigger down payment on this property to get a better interest rate?
- If I own another property, would it lower my overall monthly payment if I do a “rate and term” refinance on that property to lower that payment before buying this property?
See also How to Minimize Your Monthly Payment Using Other Property Your Own for additional detailed info.
