Posted by Dimpil on October 25, 2003 at 17:57:55:
You can drop the PMI without a refi.
If you do it as anything but investment and it is then it’s a fraud. Yes you can have a second home, but how many second homes can you have?? Then say you have 3 homes, the lender will look at the 3rd home as investment unless you can legally prove otherwise.
HELP w/ Re-Financing & Miscellaneous Things - Posted by mcmuney
Posted by mcmuney on October 24, 2003 at 17:28:06:
I have a couple of issues that I need help with:
I bought a new 2002 home in Vegas as a 2nd home with a partner, which now has a LTV below 80%. The good news is that I can refi and drop the PMI, which is $100 per month believe it or not. But I have tenants living in it. Anybody have a way where I can refi without having to do it as an investment property? I’ve already checked with my lender about a streamline, they are a rip off and charge too much for almost anything, so a streamline is out of the questions, unless another lender will do it.
Is there a simply way to add and/or remove people from loans? In relating to #1, I would like to be off the loan so that I can purchase another property as a 2nd home. We’ve discovered that it’s much hassle free to purchase as a 2nd home then to pretend to move there and buy as owner occupied.
In relating to #2, we just purchased another new 2003 home with two other partners as owner occupied, what a hassle that was and would like to refi right away with another lender before we get a tenant.
I posted messages a few years back about starting a partnership and everyone was telling me not to do it, but I had faith. We’re about 1.5 years into it and already have 2 properties and doing fairly well. Not all partnership can be bad. This is really a good group.
I’d appreciate any financing tips and loan tips.
Thanks in advance.