stuck before closing

[Jimmy D.]

hello everyone, im new to this forum. sorry to start off with a problem, but this came up out of nowhere.

i am investing in a rental property in las vegas. i went to chase for an investment loan with the title to be held in a llc. they said it was ok, as long as i put 25% down and have a personal guarantee. and a slightly higher rate.

i went into contract with a property for 94,000. we did the apprasial, and waiting for the report. my loan officer said 2 weeks ago, everything is fine as long as the report doesnt come back less than 80,000.

this week, she just called me, saying chase has just changed their guidelines, and cannot close with the entity own. and can only cancel the loan or change it to personal name.

this is my first property, and i donot mind it being in my personal name, but then i would rather not pay a higher rate. the rate right now is 5.375% on a 30yr loan. any advise?

should i continue with the loan in my name, or start a new loan( of course if it is a lower rate). but i have in contract to close before nov 15. a new loan might not make the deadline.

does anyone know the rate right now, so i can compare. of course i would not start a new loan if the rate is only a small difference.

[Ophelia Nicholson]

Lender guidelines change all the time however since terms have changed, I would contact the loan officer or his manager and tell them that I want a rate renogation or a post lock rate renogation(sorry bad spelling) usually you can use that to get the rate down.
Just let them know you checked out rates else where and you are already with them but you need a lower rate. Try that before paying for it.