Refinancing investment property is heavy and difficult to get. Getting the best rate to the point of least number is even more difficult when you have bad credit. Favorable interest rates are given to those who are not considered to be a "default risk", IE the lender is concerned that you will not pay. If you have already taken the time to clean up your credit as much as possible, plan to be assertive about getting information and working with mortgage lenders to refinance its investment property.

Directions
1. Get educated about the middle existing mortgage environment. Pay attention to the current prime rates, mortgage trends and economic conditions. Use sites like MortgageNewsDaily.com for current data. By knowing what the lowest rates are and if rates are increasing or decreasing, you will know if you are being quoted a fair rate. Economic data can also tell you how desperate mortgage brokers can write a refinance, putting you in a positive negotiating position.

2. Contact your existing lender to see what your chances are. Ask what is available to you rates based on your credit, how much refinancing will cost and who will make paying points to lower your interest rate. When you pay the mortgage for a refinance, it can lower your points for a half a percent, saving thousands over the loan.

3. Contact other creditors and ask them to beat the rates offered by your existing lender. Everyone will try to make you feel lucky for having given an offer of credit, once you have bad credit, but do not let them make you feel as if you need to have a bad deal. Mortgage brokers make a lot of money doing a refinance and the bank makes a lot over the loan. You are a customer and should be treated with respect. Show your knowledge and confidence, and you will be.

4. Demonstrate the ability to pay the loan on time. A lot of investment properties have revenue streams from rents or use. While you may have bad credit, you may have, positive cash flow with a history of paying the mortgage on time. This is important information to emphasize to lenders.

5. Negotiate with the three main lenders to get the best price. Show each lender what the other is offering and ask them to beat it. Interest rates and closing fees are negotiable. Understanding this will put you in a stronger position to get the best deal.

Consider upgrading the property to increase the income and cash flow. Showing your lender that you have a positive game plan to increase the cash flow to pay the mortgage and other debts goes a long way.

6. Fill out the paperwork with the lender offering the best deal.