My husband and I are both working overseas, and we're trying to refinance an existing mortgage on an investment property in Boston. We're both US

Asked by claire.tang, 02110 Sun Oct 30, 2011

citizens, with good credit (750 ) and are able to provide proof of income. We bought the property back in late 2008 where we still lived in the US. Would we be able to refinance the current loan? Thanks.

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4
Richard Shap…, , Framingham, MA
Sun Oct 30, 2011
Generally you need employement and income that a lender is able to verify here in the US (pay stuub and W2).

If you are working for the government, that might be ok, but if you work for a private corporation and your income need not be reported here, then you probably will not be able to do this.
1 vote
Louis Wolfs…, Agent, Needham, MA
Fri Dec 16, 2011
Claire most definately. What would make you think you could not? You can own and finance property anywhere in the world, you do not have to live in it to do so.

That said, the amount and the rate will be dictated on the appraised value, income to debt ratio's and equity requirements, and you providing the bank the typical documents they will require. Loan application and it sounds based on what you state above you will not have any problems.

If you need direction or a lender let me know .

Lousi
0 votes
Ides Figueir…, Agent, Winchester, MA
Sun Oct 30, 2011
Great time to refinance, mortgage rates are very low. It´s also a great to buy another investment property, we can find find great deals and rents are historically high.
I´ll be happy to help!
0 votes
Frank DiTomm…, Agent, Staten Island, NY
Sun Oct 30, 2011
An investment property may be difficult to refinance with today's lending requirements. Good credit and plenty of equity might not be enough. Talk to your lender to see if there are any programs offered for investment properties and if not you may want to seek private financing.
0 votes
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