All Forum Posts by: Chanise P.

@Zack Karp That breakdown makes a LOT of sense! It's appreciated.

@Russell Brazil Those were the main line items that moved me from a gut check to an almost ill feeling! I just had no idea that closing costs could fall in that range.

@Steve DellaPelle Thanks! I'm PMing you now.

@Chris Mason Thanks for your response! I expected for a higher interest rate because of the type of property and the assumptions of rental income but never thought i'd see closing costs that high until i moved into commercial investing. It is true that i've found that the credit unions only have the 1/ea system so i'm glad to know that i can now research other resources.

@Zack Karp I'm sure that i don't know the difference on the different entities involved in securing a loan after reading some of these replies or at least I don't have as good a handle on it as I'd previously thought. Conventional loans are done thru banks, cu's, or brokers? Is that right? If i went with a company like those suggested previously would the loan be through them or through a bank and they're more like the middle men?  My head is starting to spin a little but I am determined to figure this out and purchase by Q2 of this year!

@Logan Allec PM sent. Thanks!

@Zack Karp PM sent Thanks! I placed a large part of my plan for getting started based on the research that i'd done that said this was possible. When my credit union quoted those prices it felt like a kick in the teeth! I'm glad that i was either misquoted or at least have other options.

@Troy Sheets this is amazing information and i'm very grateful for it! i would love to speak with a broker that you recommend!

@Wilson Lee thanks for that! Thats around what i researched and was estimating 3k for every 100k on the house.

@Logan Allec i will look into New American. And yes if you have time i'd really appreciate a follow up on the costs. It's starting to seem that i should be looking at mortgage brokers for lending rather than a bank/credit union.

@Troy Sheets Thanks for your response! I read your post and that's EXACTLY what I plan to do! It just seemed outrageous to me that they would ask for huge closing amounts to the tune of $20K+ I guess i will look into mortgage lenders and not banks though i'm not sure of the difference. About how long did it take you to find the property? Was it completely occupied with one lease set to expire at time of purchase or was it only 75% full when you purchased?

@Wilson Lee I will look into them. Thank you!

Follow up question: did you have high closing costs like the one quoted to me?

Hi All!

I've been soaking up tons of info over the last year and a half and getting my credit scores and savings up to par and finally feel able to pull the trigger on investing. This is my first post to the forum.

I currently have a few savings/checkings account with 3 credit unions (navy federal, merck employee, and american heritage). I checked with 2 of the 3 so far and have found some weird policies with FHA loans for quads. Navy Federal just flat out doesn't offer it(2 units or less). Merck's rates arent the greatest and I have an appointment with a mortgage specialist at American Heritage.

My question is..has anyone experienced this previously? Is there a way around this? I researched FHA and found that you can get a quad with that loan but this is pretty disheartening info i'm learning from my banks.

Also Navy Federal has amazing rates and i would LOVE to use them but i got a closing cost quote and it came in at $22k!?! Isn't that excessive for closing costs? This number didn't include the 3.5% downpayment on a 275K loan.

Any advice is appreciated!

Hi All!

I've been soaking up tons of info over the last year and a half and getting my credit scores and savings up to par and finally feel able to pull the trigger on investing. This is my first post to the forum.

I currently have a few savings/checkings account with 3 credit unions (navy federal, merck employee, and american heritage). I checked with 2 of the 3 so far and have found some weird policies with FHA loans for quads. Navy Federal just flat out doesn't offer it(2 units or less). Merck's rates arent the greatest and I have an appointment with a mortgage specialist at American Heritage.

My question is..has anyone experienced this previously? Is there a way around this? I researched FHA and found that you can get a quad with that loan but this is pretty disheartening info i'm learning from my banks.

Also Navy Federal has amazing rates and i would LOVE to use them but i got a closing cost quote and it came in at $22k!?! Isn't that excessive for closing costs? This number didn't include the 3.5% downpayment on a 275K loan.

Any advice is appreciated!