Posted by Spidey on June 24, 2004 at 20:40:47:
should shop around! Try some bigger banks directly. They will have more room to do whatever they wish. IMHO, good competitive rates for investors with good credit scores are available with 10% down. You may also want to wait until the beginning of the week to lock your rate. Rates tend to be higher toward the end of the week. Good luck.
Where to get $$$$? - Posted by Lara S.
Posted by Lara S. on June 24, 2004 at 13:07:13:
I spoke to my mortgage broker and he advised me that “Investment property rates are the same but the mortgage amount is 50% loan to value”.
I am a little confused. So if the propety sells for 500k, i can get only 250k mortgage.
How will it be possible for me to buy the property then?
Do I need to say that it’s an investment property and not my primary residence? If I buy a single family house and rent it, do I need to let mortgage broker know what I intend to do with it??
Thank you
Lara
Re: Where to get $$$$? - Posted by Ben (NJ)
Posted by Ben (NJ) on June 25, 2004 at 08:07:27:
Are you taking title to the investment property in an LLC or other corporate entity? That’s the only reason I’ve heard why the LTV is lowered. What if you offered a personal guaranty? I can refer you to my contact at Wachovia if you want to compare. Send me a private email.
Re: Where to get $$$$? - Posted by gerald(tx)
Posted by gerald(tx) on June 24, 2004 at 14:26:56:
Lara, I think you misinterpreted what your broker is saying. I have a feeling what he meant was, “in order to get the interest rate on your investment property at the same low rate as your residential property, you would have to put 50% down.”
Interest rates on investment property have a sliding scale. The more you put down, the lower the rate. I recently got a 95% investor loan at 9%, whereas I refinanced another at 65% LTV for 6.25%. If the LTV would have been lower, I could have gotten an even better rate.
I have a deep feeling this was what he was trying to convey.
gerald(tx)
Re: Where to get $$$$? - Posted by Lara (TX)
Posted by Lara (TX) on June 24, 2004 at 14:16:03:
Hey, Lara S! Where are you? My name is Lara too, and I’m in texas. :o)
Re: Where to get $$$$? - Posted by Randy (SD)
Posted by Randy (SD) on June 24, 2004 at 13:32:50:
Find another mortgage broker… This one doesn’t know Jack, most non owner occupied investment property can be mortgaged at 85%-90%.
free verizon ringtones - Posted by free verizon ringtones
Posted by free verizon ringtones on September 22, 2005 at 13:40:07:
verizon free ringtones free cingular ringtones cricket ringtones tracfone ringtones toby keith ringtones funny ringtones verizon free ringtones free ringtones samsung napoleon dynamite ringtones free sprint ringtones
Re: Where to get $$$$? - Posted by Lara S. (NJ)
Posted by Lara S. (NJ) on June 24, 2004 at 14:55:36:
Gerald
At first, we were discussing “our” residence purchase, not investment. So the term was as I described before (2.82% interest-only, etc). Then I asked “what if” I buy an investment property (to rent), the broker said, the rate is the same BUT loan for 50% of the property value.
I even used an example with him to ensure that I understood him correctly.
I am confused. Maybe I need to look for another mortgage broker.
Lara
Re: Where to get $$$$? - Posted by Lara S. (NJ)
Posted by Lara S. (NJ) on June 24, 2004 at 14:22:30:
The mortgage broker is ML. And I would think they know what they are talking about, but I am sure there are better rates and terms out there.
They offered us 2.82% adjustable, interest-only payments, etc.
I thought it was a good thing to have low monthly payments, rent a house/condo for more and get positive cash flow. After the interest-only payment period, sell the house (which most likely will appreciate in value by then in the neighborhood that we live in).
What do you think?
Thank you
Lara
Re: Where to get $$$$? - Posted by Lara S. (NJ)
Posted by Lara S. (NJ) on June 24, 2004 at 14:17:55:
Thank you Randy. I already started asking around.