All Forum Posts by: Arti Ta

Shop your local credit unions who keep the loans in house. They will often beat everything by a considerable margin. 

2 months ago at the height of interest rates, we did an 80% LTV cashout refi at 6.9% with a total cost of $2800+appraisal. Because it's in the name of an LLC, it is a 7 year balloon. If we did it in our personal name there was no balloon and a little lower rate.

Arti,

Things are looking a little better this week, but with 25% down I'm still seeing around 8% in the Hard Money space. With a buy down in the right area you might be able to get it below that.

@Arti Ta- thanks ...if this will be a rental property - no loan fee  option not  avaiable ...if this is to be owner occupied - a no loan fee  is possible ....can you clarify ?   do you also  want all the  closing costs to be  paid / covered ?  if so - best thing to do is to ask  seller to provide a  credit / aka  concession  that you can use to pay costs / fees/ prepaids 

@Arti Ta

There are always fees.  They are simply presented differently.  The lenders have to make money and holding the debt long term and making earnings from primarily your interest payments is not their top priority.  As a loan officer, we have several ways to manipulate numbers on the Loan Estimate.  Yes, I will use the work manipulate.  That's exactly what it is.

The absolute lowest rate you can get from a lender is a one that is borrower paid commission with UW fees.  Your origination charges will include a "broker fee" and UW fee.  Option 2 is to get all the origination fees rolled into the loan itself, this can eliminate all origination fees but those fees will be absorbed into your rate and the rate goes up to compensate.  Option 3 is a blend of the two.  Somewhere in between you will see a reduced origination fee with an increase to rate to find a happy medium.

At the end of the day, you are always paying the fees.  I've left out discount points and such as they are another option that effects the rate and will always be disclosed under origination, section A, of the LE.  There is always a trade off.  You can't get your cake and eat it too.

Cheers!

Is this for an investment property and do you want your income considered for the loan? If for an investment property, you can have the loan structured with no personal income off the rents (actual or projected), credit score and down payment with a DSCR loan.