What is a Foreign National Refinance?

A foreign national refinance is when a non-U.S. citizen without permanent residency adjusts their existing mortgage on a U.S. property. This can lead to better loan terms, such as lower interest rates and improved payment conditions, helping them manage or invest in their property more effectively.

4

Benefits of Foreign National Refinance

Refinancing as a foreign national in the U.S. offers substantial benefits, such as the opportunity to secure lower interest rates, which can reduce monthly payments and overall loan costs. It also allows for accessing home equity to fund other investments or expenses, consolidating debts under more favorable terms, and switching from an adjustable-rate to a fixed-rate mortgage for payment stability.

Why BarCorp is the Best Option for Foreign National Refinance?

Barcorp Financial Group excels in foreign national refinancing due to its specialized expertise, competitive rates, customized loan options, streamlined processes, and exceptional service, making it an ideal partner for international borrowers in the U.S. real estate market.

Required Documents for Foreign National Refinance

• Passport: A valid passport to verify identity and nationality.
• Visa or Other Immigration Documents: Proof of legal entry and stay in the U.S., such as a visa or residency documents.
• Proof of Income: Documents like pay stubs, bank statements, or tax returns that show stable income. For self-employed individuals, additional documentation may be required.
• Credit History: While foreign nationals may not have a U.S. credit score, any existing U.S. credit history or an international credit report or credit reference from country of origin can be helpful.
• Property Documentation: Current mortgage statements and property tax receipts to confirm property ownership and status of existing mortgage.
• Bank Statements: Typically, the last two to three months of bank statements to demonstrate financial stability.
• Asset Documentation: Proof of assets held, both domestically and internationally.
• Employment Verification: A letter from your employer stating your position, salary, and length of employment. If self-employed, business registration and financial statements might be required.

Benefits and Advantages