Posted by Ben Carmona on April 18, 2007 at 22:52:53:
David,
First thing to be cautious of is who gives you rates & costs without completing further due diligence. There are so many factors that go into determining rate which in return usually dictates what the costs will be. Just for an idea: fixed vs. arm, interest only, doc type, etc. And this is just a few.
It’s considered quite unprofessional for a mortgage professional to just throw around the #s as it could be very confusing in the long run for you.
Another critical factor would be the length of time you’ve owned the property. When doing cash out lenders have seasoning requirements. I did look and it does appear 90% should be available for you though.
My recommendation would be to speak to a nationwide mortgage consultant who specializes in investment loans such as these.
Ben Carmona