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Refinancing Benefits Two Davis Investors

SACRAMENTO-Two apartment complex owners have refinanced their properties, taking advantage of favorable refinancing conditions as mortgage rates have dropped to a 30-year low.

By Michelle Savage | Updated on September 19, 2002

SACRAMENTO-Property owners are taking advantage of favorable refinancing terms in an attempt to keep them in positions that are less susceptible to market downtowns.

Since last fall, when mortgage rates dropped to a 30-year low, many property owners have used refinancing as an important tool in saving money on interest and property payments. Property owners in the Sacramento area have done four times as many mortgage refinances so far this year as they did two years ago.

A husband and wife investment team has signed a $4.95 million refinance agreement on Brush Creek, an 80-unit garden-style apartment complex located in Davis, which is primarily occupied by University of California, Davis students.

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