Richard Richtmyer

Stringent requirements: You may need a higher credit score, lower loan-to-value ratio, and more income to qualify for a rental property refinance than you would if you were refinancing your primary residence.
Higher interest rates: Mortgages on a rental property typically have higher interest rates than those on primary homes. This means you’ll have higher payments on your investment property than you would on a place you live.
Closing costs and fees: Refinancing a mortgage brings with it significant closing costs and fees, which you’ll likely have to pay out of your own pocket. This means it will take longer to break even if you are saving money in your monthly payment.

Senior Editor, Student Loans, Credible

20+ years of experience as a personal finance journalist and editor.
Student loan and business expert.

Bio and experience

Richard Richtmyer is the senior editor of student loans at Credible. With two decades of experience as a personal finance journalist, he's covered student loans, capital markets, investing, real estate, technology, business, government, and politics.

Before joining Credible, Richard worked with news organizations ranging from the Associated Press and Bloomberg to CNN and the Anchorage Daily News. Outside of editing and writing, Richard enjoys activities including long-distance motorcycle touring, strenuous mountain hiking, and practicing old-fashioned strength exercises to stay fit.