Refinancing out of state

7 Replies

Hey folks,

   So I bought a couple inexpensive houses (around $45K) in another state. If I were to refinance where would be my best bet? I understand that typically mortgages aren’t done for less than $50K (appraisal may be higher at this point), but I’m at least close enough. I’d assume local banks where I live would be less likely to write a mortgage out of state and local banks to the property would be less willing to write a mortgage for an out of state investor. Is my best option to go to, say Suntrust or Wells Fargo? 

@Sam Bannister Ummm, you are not allowed to use Wells Fargo or Suntrust under any circumstances.  There are several unwritten rules to real estate investing but one of the big ones is to never use a national, publicly traded bank for any lending need.  It would take a novel to share all the reasons why but just trust us - go local here.  Now, some lenders will have a "loan amount minimum" and some won't.  So your main job is to locate one that does NOT have a minimum.  You might need some other things here too so let's reference the post on how to find good lenders HERE.  That should get you started in the right direction at least.  Feel free to ask anything else if you need.  Thanks!