Financing - Posted by Ruben Nunez

Posted by Bellesguy on March 20, 2006 at 11:57:47:

Can charge less for origination, 1st loan seems ok can’t do signigicantly better, second loan is high, can beat that depending upon your FICO mid score and other issues. DTI etc. You can send the scenario to me and I am willing to compare rates, where is property located? and what is current mortgage amount and appraised or purchase value of property, how much rent do you receive?

Financing - Posted by Ruben Nunez

Posted by Ruben Nunez on March 20, 2006 at 10:03:49:

Hi I looking for a better terms on investment residential property. I currently have on the table: 80 first @ 7.25 fixed for 30 with 1 point. The second is a little steep: 15 second at 12.25 for 30 years with a 15 year call. On top of that the lender is charging me 2,600.00 to originate that second. Anything better out there?? Its a stated income loan.

Re: Financing - Posted by Ben Carmona

Posted by Ben Carmona on March 22, 2006 at 24:27:28:

If your scores over 660 you should be able to get around 6.25-6.5%. 2nd should be around 10.5-12.5%. Of course there would be origination included and the rates will very if score 660-680, 680-700, 720+. I’m not a big fan of quoting rates without knowing all the factors but just thought you should know whats really out there.

Ben Carmona

Re: Financing - Posted by RJ Baxter

Posted by RJ Baxter on March 21, 2006 at 09:29:32:

You should be able to do better, however, as stated above, there are other factors that influence your rate and closing costs.