Posted by Dave T on January 09, 2001 at 15:16:22:
Last time I checked, making false statements on your loan application to deceive the lender carried some pretty stiff penalties.
I can’t understand why you would brag on a public forum that you commit fraud.
Equity in Investment Property - Posted by Brandon
Posted by Brandon on January 08, 2001 at 15:10:00:
I have enjoyed reading the Q&A’s for a while now and I hope someone can help me with my question. I currently have one rental property that my wife and I bought outright. I have tried to get an equity loan / equity loc on the property with no success as yet. What is the best way to get funds using the equity in the house? Should I try the small local banks or are most banks policies not to lend on investment property? Thanks in advance for your help.
Re: Equity in Investment Property - Posted by dewCO
Posted by dewCO on January 09, 2001 at 15:05:08:
Geez where have you been looking, or what’s wrong with your credit/work history scenario. It’s free and clear and you can’t get a loan? Should be a no brainer up to about 50% of the appraised value. Go anywhere except where you’ve gone so far. Start with you bank or credit union. Then ask a realtor for their favorite lender.
Re: Equity in Investment Property - Posted by Dave T
Posted by Dave T on January 09, 2001 at 24:30:33:
Have you asked your bank for a cash out refinance on your investment property?
Last week, Bank of America quoted me 7.375% on a 30-year fixed rate (non-owner occupied) loan for up to 80% of the appraised value of the property. I know that a new first mortgage is not an equity line of credit, and that your closing/settlement costs may be higher; but, if you want to convert your equity to cash, this is one way to do it.
Re: Equity in Investment Property - Posted by chris
Posted by chris on January 09, 2001 at 14:54:21:
I am doing the same thing as well. However, i am saying that i LIVE in the property to assure a lower rate (it is a single family home).