As an investor of another property apart from your primary residence, there will be more information required to help your refinance succeed. BBMC Mortgage will require traditional income reports as well as various tax documents on the investment property refinance application. Our experts at the BBMC Refinance Center can explain in greater detail what you’ll need to provide in terms of documentation, as well as a few of the caveats that go along with refinancing an investment property.

What You Need to Know When Refinancing Investment Property?

PROGRAM LIMITATIONS ON INVESTMENT PROPERTY REFINANCE Certain loan packages, like FHA and VA, do not allow investment property loans to be taken alongside a primary residence loan. While your specific loan package may suggest otherwise, it’s important to check with a BBMC Banker before submitting an application to refinance your investment property. Our team at the Refinance Center will verify your eligibility to receive a refinance loan, and then proceed with the application and approval processes. As part of this verification process, our Bankers will analyze certain financial qualifications on your application to properly justify the loan approval.
LTV, CREDIT AND OTHER INVESTMENT PROPERTY REFINANCE INFORMATION An important way to establish eligibility for an investment property refinance is to look at the Loan-To-Value ratio. Your Banker will determine how much equity is in your investment property. While we check on the LTV, we’ll also run a thorough credit history and check your debt-to-income ratio – among other relevant information. BBMC is glad to have the opportunity to refinance your investment property, and we can’t wait to get started on your application process.

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Regulations and Fees

Private lenders, including BBMC Mortgage, finance investment property refinance loans at costs traditionally higher than a single-home refinance. It is important to check with a Banker regarding your investment refinance options before applying.

Loan Limits
In most parts of the country, applicants who qualify for an investment property refinance loan can refinance a home worth up to $417,000. To find out the refinance limit in your area, give BBMC a call at 1-800-24-RATES.

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