Posted by Ed Garcia on October 26, 2002 at 10:43:13:
Peter,
The advice and information I give only works if my students apply it.
Thank you for having the trust in me to take my advice.
Also you called and I haven’t returned your call, I’m doing that this morning.
Congratulations on selling the property in Mississippi. The task now is to find a Starker (1031 exchange) for your other deal.
Ed Garcia
Ed, bankers are fighting to give me loans - Posted by PeterN
Posted by PeterN on October 25, 2002 at 18:16:24:
I am trying to do a simple conversion fron 5.7% adjustable to a 6.5 % fixed rate, not a bad rate for a jumbo home loan. I currently am with Washington Mutual. They will only require me to pay about $500 in title charges. I also acquired a home equity line of credit in April and currently have no balance.
The line of credit bank is willing to subordinate to a new 1st mortgage. However, Wamu insisted that I close out the line of credit and then reinstate it after the new 1st is closed. If I close out the line of credit, then I will pay a $400 closing fee.
I called the banker from Wamu and told him that I will pull the loan and go with someone else unless they make an exception. I told the mortgage loan officer to make an exception to their silly rules and go up to the next level of authority or I will walk. I already have two other bankers begging me to do the loans with them. He agreed and is seeking the approval.
Thanks for giving your students the confidence to ask for what we need to fulfill our investment objectives. Your advice and followup assistance has been valuable.