Investment refinance
I own an investment property in Baltimore, MD, that I want to refinance. It's a condo. The condo association that manages the property, however, does not have Fidelity Bond Insurance. I've heard that lenders won't refinance such a property without this insurance. Is this true? by gregderrickson445 from Baltimore, Maryland. Aug 11th 2010
Angela Tucciarella (angela)
#13 ranked lender in Maryland - 6 contributions
Brett is correct. I am located in the Baltimore area. As long as the condo association has a blanket insurance policy with a minimum coverage of 1 million. You will be fine. Please feel free to contact me, if you need further assistance. We do alot of investment properties.
Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions
Sometimes the requirements vary from state to state on these. But, I haven't heard of anything requiring Fidelity Bond Insurance; in my area, however, the HOA must have a blanket hazard insurance policy at least covering the structure of the building. Go to the Find a Lender Tab and look for a good local lender to help you out; they'll probably be able to answer that question quickly, and tell you what needs to happen to refinance.
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
Hi Greg. Freedom Mortgage is a Direct Lender and funds loans every month in Maryland and all 50 states. As long as the association has a blank policy with a minimum coverage of 1 Million, you should be fine. Please email me so that I may process your application and fund your loan quickly. adennie@fmbranch.com
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