Newbie in NY needs your help!!! - Posted by Terrie

Posted by Carl on December 13, 2006 at 21:44:01:

I think I may be able to help you with the second purchase with 100% financing. The first purchase you may not have enough equity but give me call 301-576-1080 x104 or email me.

Newbie in NY needs your help!!! - Posted by Terrie

Posted by Terrie on December 02, 2006 at 12:13:30:

I’m a newbie investor. I just closed on my first investment property. There were some major issues and needed to change lenders mid-stream. The broker I was referred to was only able to set me up with a combo loan, SIVA- $550K, with 5% down + 2% sellers concession. I ended up with a 65/30/5 combo loan,where the piggyback is costing me 14.5% and I paid points for this…there is no prepayment penalty- I’m looking for help on the best way to refinance the 2nd mortgage as quickly and economically as possible. It’s killing my PCF, as the payments on my 2nd will cost me $1 less than the payments on my first…HELP, note I am in NY - this is a NOO 2Fam home and I have a FICO of 733. Thanks guys

note: there is a 1yr pre-payment penalty on the first. I closed this deal 2 wks ago. I also am in contract for the house across the street. 3FAM with the same broker - so, I am set up for the same on the 2nd property.