Re:financing - Posted by allan

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