Many lenders offer mortgage loan financing to foreign nationals to help them buy or refinance a second home and/or investment property in Florida. On the surface, they may all appear to have similar products and criteria; however, look a little closer and the finer details make it clearer whether to approach a particular lender or not.
Some of the more obvious differences include the minimum amount a lender will accept an application for or the maximum loan value. Less apparent details might include the amount of reserves required by a lender to be held on deposit at closing or the counties in which they will lend.
The specialized services and skilled employees within the HBI group of companies can help you obtain your ITIN (Individual Taxpayer Identification Number) and advise on the FIRPTA (Foreign Investor Real Property Tax Act) withholding process. We carefully review your circumstances to make the appropriate recommendations to steer you toward your goals.
There are plenty of questions to consider before refinancing. For example:
Do you want to reduce your monthly payments or save over the long term?
Should you switch between an adjustable-rate and fixed-rate mortgage?
What are the costs involved?
Will any penalties be incurred?
How will your taxes be affected?
How long do you expect to keep the property?
Do you want to release equity (cash out)?