All Forum Posts by: April Hamm

Put this way, a long-term mortgage would be high 5 within 24 months. Can you wait ? Do you want to wait?
For me FullDOC conventional with 7% doesn't worth the hassle if HML can give me 7-8% with not many docs/using LLC.
So if the convo is 7-8% I would do HML all the way. There're few ads there showing HML can give 7-8% for 30Y , even ARM.

Btw, once the interest rate is higher than 5%, it really doesn't much difference between 5,6, or 7 from an amortization table standpoint, is just sucks :) 

Let me be specific. 

Everyone in this post.  

She has a house in Dallas that she has owned since 2007.  She should have both a lot of equity and appreciation built up.  

What type of financing and interest rate can be obtained in her house?

Example:   House is worth $600,000 and still has $150,000 owed.  

You’re getting peoples answers.

 You need your answer to your situation.  

You’re in Dallas Texas.

You bought your existing house in 2007.

You need cash to make an investment and you want a low interest rate.  

Now ask people to respond to that.    You will get better advice.  They will ask you for more info.  Answer them and you will get a better response.  

If your property is a non owner investment property and its a 1 unit property with conventional financing your "rate," can be higher or lower depending on the day you heard the pricing. Mortgage rates are like the stock market and these mortgage bonds trade in real time. Depending how the bonds trade (supply and demand) and the sentiment in the markets (like inflation, buyer confidence, economic recession, feelings, etc) it can affect the mortgage rates are shown to borrowers on the front lines day to day. The strategy on when to "lock your rate," is also very important and it is advise that you balance the timing with your closing time frame for your purchase as well because you "do," need enough time to close while simultaneously planning for enough time to do your inspections, appraisal, and financing items before you rush to lock.

Currently as of today, the market is priced a bit better I do encourage you to check in next week after MLK day (federal holiday markets arent going to be open) to see how your pricing fares.

I would estimate you should be in the 6.875-7.125% if you pay around .50-1.00 but there may be additional variables. 

If this is a 2-4 unit property then yes theres another 1 pt cost for 2-4 units.

The adjustment or hit for 25% down investment is actually 2.125 points LLPA (loan level pricing adjustments), at 20% down its 3.375 points cost extra, and at 15% down it was 4.125pts but the agencies arent doing 15% down very much since in practice borrowers balk at the loan pricing when we have to factor in that "hit," for 15% down payment anyway. 15% down for 1 unit SFR prior was something cool to talk about but rarely done in practice.

@Matthew Kwan@Carlos Valencia

You would have to understand construction to know, if you haven't bought any properties that need work you'll never know.