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Would like to refinance my Illinois townhouse while living abroad

Hi All,I am an American citizen living and working in South America. I bought a townhouse in suburban Cook County, Il in 2007 and am about 18 years left on a 30 year fixed mortgage at a rate of 6.125%. It has been rented out (and still is) for several years while I have lived abroad. I would like to know if it is possible to refinance this investment property to take advantage of the current rates? I am currently in Illinois on vacation and would like to start the process while I am in town (and perhaps finish it when I return to S.A. by giving a relative a power of attorney). Any guidance would be much appreciated!Cheers,Frank by perdidogringo51 from Tinley Park, Illinois. Jul 12th 2014 Reply


Scott Weinstein (Mymortgageguyscott)
#88 ranked lender in Illinois - 37 contributions

I'd need a bit more information regarding your situation, specifcally with regards to your paying U.S. income taxes and maintaining credit accounts here. Depending on the answers, this may very well be possible. Feel free to reach out to me directly to discuss the particulars of your situation.

Jul 12th 2014
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Afternoon. If you still file US Tax Returns and have the ability to qualify based on income, employment, assets, and credit to name just a few, then you should be able to look into refinancing. The goal should be to cut your term down to 15 Years as the rates are in the low 3's, so there is is a good savings to be had on rate. Shortening the term even with a lower rate may create for a higher payment in some cases just so you are aware. I'd make it a goal to pay the loan down as quickly as possible so that you can own the townhouse free and clear in the not to distant future. I'd gather your financial information first and then seek out someone local to your property to see who would be best able to help you! Good Luck!

Jul 12th 2014
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Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

I am here in Cook County - feel free to reach out to me. I am available all weekend. If all your ducks are in order, this shouldn't be an issue. I can prepare numerous different quotes for you so you can compare them side by side and choose the option that best fits your financial situation. Thank you, Justin Murray. 312-256-4065

Jul 12th 2014
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

ARE you military?? IS your income verifiable?

Jul 12th 2014
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

If you file US taxes, you should have no problem.

Jul 12th 2014
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