EDU Mortgage EDU

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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
I read online that usually investment properties are .50-.75% more in rate. Can anyone confirm?

Anyone familiar with refinancing an investment?
It will depend on the loan to value ratio. If it's 75% or below that's preferred. between 75-80% loan to value, the rates & fees for investment will be higher. 75% and below is around 0.375-0.50%
 
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conflayz

Banned
May 31, 2018
8,158
dirtydirtysouth
Is there any scenario where refinancing this property would not be good? Obviously, I have to see if they are going to charge me points / have to put $$. Just asking out of curiosity.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
Is there any scenario where refinancing this property would not be good? Obviously, I have to see if they are going to charge me points / have to put $$. Just asking out of curiosity.
Did your guy talk with you about any of this? In most cases you should know those answers up front before even submitting an application.
 
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NiggaPHX420

OT Supporter
Jan 17, 2002
50,529
Phoenix, AZ
Fuck, I haven’t refinanced yet
These rates won't last forever!


giphy.gif
 
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conflayz

Banned
May 31, 2018
8,158
dirtydirtysouth
Did your guy talk with you about any of this? In most cases you should know those answers up front before even submitting an application.
Yeah we went over it all, and he explained that the new loan would cover closing costs etc. I just remember seeing someone, maybe in this thread, maybe more than one person suggesting to another person to NOT refinance because they were extending the loan or some shit.

I was just asking it as a broad question.
 

conflayz

Banned
May 31, 2018
8,158
dirtydirtysouth
Im currently 4.5 and he said probably get a rate of 3.6, which will save me $200 or more a month. I was hoping for $300 or more, but I think anything is better. I am in the black on my rental, and so any more in the black is fantastic.
 

Gixxer

OT Supporter
May 29, 2004
37,881
Gig Harbor, Washington
Fuck quicken loans.

LO (buddy of mine) uses rocket all the time, so ran my refi through them.

We owe half our houses value, great credit, no debt ...etc.

We want to do the kitchen so asked for like $50k

Because its a cash out they hire some dipshit appraiser from up north, doesn't know the area or do any real homework. Gets comps 5-10 miles away, with no water view, no property.
I have a water view, and an acre.
Guy comes back and says my house is worth like $50k more than I paid for it 3-1/2 years ago, when I border one of the hottest markets in the country.
In reality my house is worth nearly $200k more than I paid 3 years ago.

Ended up being so pissed I killed the whole loan, ended up using my CU and got my loan closed in 2 weeks, and it was a slam dunk.

/Rant
 
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lxadv

OT Supporter
Jun 18, 2015
419
Smoll update:

Because my property is now a rental property / investment I wont be able to get the lowest rate(s) but still hoping / shooting for at least $200 less a month. I just submitted my application, and authorization to run credit, plus all my financials etc.

Hopefully will hear back from him soon.

Im a broker PM me.
 
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conflayz

Banned
May 31, 2018
8,158
dirtydirtysouth
Update: @saabguy

He asked me if I have any housing expense, if I pay rent or anything. I responded honestly, that I dont have a lease since I moved in with my bf but that I contribute.

He then wrote me back that it could be a challenge. He said "in order to use rental income you have to have a housing expense" Then finished email with "Im looking at some things"

I wrote back that I have been sending a consistent amount of $$ to my bf via Chase for a few months, and that I guess I can work up a lease of some sort?


Now, I wait! :noes:
 
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shreddedchicken

OT Supporter
Mar 31, 2016
3,628
Waiting a few more weeks before I can do refi. Wife was off work on maternity leave with no income. Fml. She’s back to work full time now, need a few more weeks before she has paystubs to show
 

lescivic

OT Supporter
Oct 13, 2003
2,178
Space Coast FL
I have a rental property with a heloc. Was my primary when I took the heloc out. Will be nearing the end of the draw period in a few years. Will payoff and close the heloc after the draw period ends. Am I going to have issues trying to open a new heloc now that it’s a rental and not primary?
 

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