Question: Hi everyone. Having trouble refinancing rental house in Illinois (from Virginia). Value has decreased since purchase, so LTV may be a problem, but I can’t even get my current mortgage company to look at refinancing my 8.75% 30-yr mortgage.

Have more than 20% equity based on original price in 1987. Suggestions?

Answer: To refinance the property from out of state, I suggest you try a LOCAL mortgage broker to assist you in finding a loan source. They will have access to a variety of lenders who may be willing to refinance investment property fornon-owner occupied properties. If you can show a strong rental history and cash flow, usually yu can get an 80% refinane for about one point more than for owner occupied properties. I have done this a numbe of times, and it should not be a problem so long as the LTV of the new loan is <80% of the market value of the property, and the cash flow will support PITI. Hope this information is helpful..Let me know how you make out in this endeavor.

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