Posted by allan on May 06, 2006 at 17:38:31:
thank you cynthia!
just like i said i am new in this business. I haven’t checked my credit score yet but i will as soon as possible, on monday. a bank was lending me a loan from the equity but that would not be enough for the 2nd mortgage. actually, it is in regards to financing. i am in quebec, canada but i do know that knowledge and system is transferable in terms of real estate. i do not want to sell our home yet. i actually had good interest rate of 4.9% 5 years closed from our bank. a bank was lending me the equity of our home but that would not be enough. i need another mortgage loan for this business. do you think there is a possibility to get a 2nd mortgage within one year. banks are hesitant to loan me any due to “high debt” ratio. thank you for your response and help on this one…
Re:financing - Posted by allan
Posted by allan on May 05, 2006 at 22:30:21:
Hi Mr. Ed!
Good day!
I am new to this business and just found this website recently. I am thankful to have found it and thankful for everyyone’s contribution just like yourself. Thank you!
Here is my story:
I just recently bought a duplex for my family but and also for rental monthly payment that help to pay the mortgage. I have been reading books about real estate and therefore finally bought our first property 8 months ago. I have a day job that pays just enough to support our monthly bills or more… I want to move on with real estate investing but do not know how… Can you hel me how to go further from here. I have been finding good deals recently from this neighborhood 3plex for 190k. Right now duplex in our neighborhood go to 215-260k. I knew we had a good deal with this duplex when we bought it. What can I do… I am currently looking and finding good deals and want to jump to an opportunity.Please reply.
Re:financing - Posted by cynthia Brewster
Posted by cynthia Brewster on May 06, 2006 at 11:58:33:
Do you know your credit score? Do you know your debt to income ratio? You mentioned refinancing, what’s you interest rate right now? What state are you in? I do have 100% financing but the interest is a little high. Would need to find out which would be best for you…refinance and purchase or just purchase and leave your home alone
If you need help, let me know
cynthiabrewster4@yahoo.com