How / Who REFI - Posted by clay

Posted by Clay on December 09, 2000 at 09:42:12:

I will call the charlotte nc office monday.

How / Who REFI - Posted by clay

Posted by clay on December 08, 2000 at 23:17:31:

I have a lot of equity in rental homes. However it looks like the banks I have found with the better rates will not do more than 2 rental properties. A Bank of America loan officer told me that (2 properties per investor) today. She submited a loan to wrap 3 homes on one loan, and the reply she got back was they would do no more than 2 homes per investor.
Does anyone know how to get around that.
Who else offers similar terms? (15 years 8.5%)
The next best terms I found were 10 years 10.25%
I do not want to pay a lot of points to use a mtg broker!!

What is a good way to get cash out for investment capital?

Who is your lender of choice?

Thanks Clay SC

Re: How / Who REFI - Posted by dewCO

Posted by dewCO on December 09, 2000 at 19:25:10:

You need to find a good lender. That doesn’t excluse a mortgage broker, it just excludes most of them. SHOP around, if you have lots of business to give someone I’d get a great discount by having them do ALL of my loans. You need to shop AND NEGOTIATE. I’m fuzzy on the FMNA number of loans limit. Can’t rmember if it just went to 7 or if it now unlimited. The info. BofA gave you is just their policy I’ll bet.

Find a bank, mortgage broker or mortgage banker who will WORK WITH you. I do loans through N.Amer. and they have good programs and rates, but they aren’t the only ones either. Are you in SC? Let me know, I’ll check for you too, maybe I can help, but may not have an answer until Mon. a.m.

Re: How / Who REFI - Posted by Jim Rayner

Posted by Jim Rayner on December 09, 2000 at 24:24:07:


Try North American Mortgage Company they are a direct lender. They have lots of programs for investors and unlimited number of loans they can even do NOO cash out refis upto 80% LTV at fannie rates depending on your credit and D/I ratio. Their best programs are not available through mortgage brokers. They have offices nationwide and you can find a directory of offices at their web site I have done over 1 mil in loans with or through them this year alone for my deals. Or you could contact Ed Garcia or Neil Johnson at Ed’s office his number is 909-944-0199 he does loans in nearly every state as well.

Re: How / Who REFI - Posted by clay

Posted by clay on December 09, 2000 at 22:42:18:

Yes I am in SC.
Talked to country wide today. They will do 8% with 1.5 points. Might use them. However I would like to know of other choices.

Re: How / Who REFI - Posted by dewCO

Posted by dewCO on December 09, 2000 at 19:20:31:

Great info as always Jim,. but NorthAmer. does wholesale through mortgage brokers because I are one. Have been for 4 years.