Posted by Steve C on April 27, 1999 at 23:00:13:
Thanks for your reply and advise Bud, but I’m trying to create more cashflow. In order to maximize cashflow I need to minimize the interest rate on this property. So again, the question is will I be successful at refinancing if I have a contract for deed to sell the house?
Refi after Contract for Deed - Posted by Steve C (TX)
Posted by Steve C (TX) on April 27, 1999 at 24:11:19:
I bought a SFR about 8 months ago and want to sell the house on contract. I bought the house with one of those 95% investor loans with Mortgage insurance figuted into the loan interest rate (about 9.5%). I want to ask the mortgage co. for a rate reduction or I will refi with someone else. The question is will it be hard(er) to refi if the house has been sold on contract? Or should I try selling it again with a L/O. I would guess that if I showed a traditional lender that the house was sold on contract, they may not want to work with me.
Please advise.
Regards,
Steve
Re: Refi after Contract for Deed - Posted by Bud Branstetter
Posted by Bud Branstetter on April 27, 1999 at 15:08:06:
Steve,
I will approach your question obliquely. Why to you want to refi the house then sell on contract. Now is the best time in a generation and maybe the next to get people qualified to buy the property. Find yourself a good mortgage broker. Then find someone that wants to buy the property. Work to find out how to finance them. At worst case you can sell the 1st lien note and get your cash out. A contract or L/O works well when there is no equity or low interest rate loan that you want to work with.