Although most big banks won’t refinance invenstment properties (Wells Fargo is the exception), many mortgage lenders work with banks that offer different rates based on similar creteria used to refinance a primary home loan. They also factor in how many motgages you own will ask to see additional inforation regarding your rental mortgages. It will help to have all of your mortage info, last two statements, rental agreements, property tax information and in some cases last two months of rents received. Rates are usually an eighth to a point higher for rental refis.

In addition, do you plan to sell your rental in the next 3 years? If so, you might be able to trade a slightly higher interest rate for closing cost credit. My lowest rate availalbe was 3.5, but I deceided to go with a no cost refi (lender pays most fees) at 4.25 because I plan to sell the house in 3 years.