Refinancing Question

[Nir]

Hi All,

A question for REIN members: when applying to refinance an existing mortgage based on a new increased appraised value, do you provide the bank with your complete Investor`s Binder like when applying for a new mortgage or do you just fill their standard application form since it is the same bank that already reviewed the property and approved your mortgage?

THANKS.

 

[Thomas Beyer]

full binder as you are asking for a HIGHER mortgage.



Also: do NOT go to a bank directly. A big "no no" for sophisticated investors ! Use a mortgage broker as they will shop for the best rate !

 

[kboughen]

When refinancing, you will need to provide supporting documents to support your application. The supporting documents required depend on the size of your portfolio, your income structure and the bank you are using. Your sophisticated binder should cover all requirements.