All Forum Posts by: Tarik Turner

That all depends. Why are you using a partner for the refinance? Are you using a partner for credit purposes? 

I would say keep an eye on the 10 year treasury note and overall conventional mortgage rates. The Rate that you looking for probably isn't out there right now unless this is a VA loan or some low leverage owner occupied SFR conventional product ..Also it might not be out there for some time (realistically). Searching for a sub 7% rate at Max LTV on a 5+ unit property is going to be tough. If your deal depends on you having a 5% rate, it probably isn't the right deal for right now. But hey ....crazier things have happened in this industry

Would be happy to take a look here. We are pretty competitive in this space

I am assuming that your closing costs listed (42k) also includes your down payment on the purchase.

ect 20% down payment = $36,000 plus 6k in total closing costs If this is the case It seems more reasonable however it really depends on the details. Are you seeking a 30 yr rental mortgage? Fix and flip mortgage? Are you a first time investor? All of those items will determine how much lower your costs can actually be on this one

Most times when evaluating a DSCR mortgage, market rent will come into play. Their might be some wiggle room if what is being collected comes in over the market rent however for the most part the market rent would be the preferred guideline and any deviation from that would be up to the lender that you are working with.

Sounds like a cash out refinance would be the best way to tap into that equity. 

You should be able to get up to 80% LTV on a rate term refinance. Have to ensure that with taxes and insurance added you can meet the DSCR ratio needed but you should be able to refinance out of this one. DM Sent

Your issue more so is the seasoning period for the refinance is what it sounds like. You can get a refi based on the as is value after 3 months of ownership. Shoot me a msg

If you already have a recent appraisal completed, I would be willing to take a look at it to see if we can get it approved then reassigned. 

Not an advocate or an affiliate of Kavi but just to add to the previous posts here. Most lenders who order appraisals are required to order them through a 3rd party AMC, which can add additional costs to the appraisal but ensures that there is no lender (Or borrower) bias in regards to the values. So although you may be able to contact an appraiser in your area and get a quote of $500 for an appraisal, $750 is pretty standard to see during the mortgage process.
Anytime you are looking at purchasing a condo with a mortgage, the HOA Questionnaire is always going to be a key point of the loan process. If possible, in the future I would try to obtain a copy of a standard Condo questionnaire from the HOA prior to the mortgage application process and ask your lender to review it in advance in order to mitigate some of the time and costs risks associated.
Hate hearing that it didn't work out for you on that one.