Refinance with Power of Attorney

Just about everyone in the modern world has access to email and a phone.. your parents can initiate the application for the refi with just a phone call.. all the supporting documents can be emailed, and any disclosures the lender needs signed can be emailed to them for their signatures, and once the final loan doc's are drawn up, if they can find a US Embassy, they can get the doc's notarized... all without the necessity of a power of attorney.. however, in general, you can use a power of attorney, but understand lenders are VERY skeptical when it comes to POA's... in the past it was an avenue for loan fraud, so not every lender will accept them.. regardless, if a lender does accept a POA, they probably have their own specific form that they would require... Another thing that will raise red flags is regarding residency... Primary residence, 2nd home, investment.. since their out of the country and not available for several months, it will raise questions, so just be prepared.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

A properly executed Power-of-Attorney will work just fine with the vast majority of lenders in the vast majority of cases. Stop waiting. Go talk with a local licensed mortgage broker.

Start shopping around for different lenders to see what they are able to do for you. We would need to go over your situation in more detail to determine if you would qualify. We are also located in San Diego - Feel free to contact us for a free quote!

There are specific guidelines to using a power of attorney to close on a refinance. The main issue you are going to have is that someone CURRENTLY on title must sign the loan documents at closing. The typcial situation where a POA is used is when you have two spouses on title together. One is away on the day of closing and gives the other a POA to sign on their behalf. Becuase you are not on title you will not be able to sign for them.This is a Fannie/Freddie Guideline. Your only way around this is to fond a lender that will not underwrite according ot these guidelines.

Speak with a local lender as to their guidelines for a POA. the may have a portfolio product that can help you

If you are not living in the property, it may appear that this is a non-owner occupied refinance. If you do live in the property, you can be added to title, and the loan will be based on your income and credit. Contact me for additional information. Dave Metsker, 503-620-2239