All Forum Posts by: Dave Skow

@Nick Parenti= thanks ...unlikely  able to use any 2024 income ....there used to a way to use one year of tax returns for determining qualifying income ...proceed with the pre approval to find out what your lender is able to get approved for you 

@Lisa Sluss- thanks ...many varables ...is the hard money a loan with a lien on the proeprty ?  if so - are you wanting to borrow just  enough to pay off the loan and cover refi costs  or  are you wanting to pull out more funds over and above the loan balance ?  when did you buy it ?  price ?  whats loan amt ?  what is current value ? 

@Allen Zhu-  thanks ..Try finding and working with a single agent for each sperate area you are considering ....if you are needing to use financing - get pre-approved before you begin looking - good luck

@Deborah Wodell- thanks ...I think this depends on  what your future goals / plans are .....if you are needing to raise more capital than you have on hand , then selling is likely a smart  thing to consider .....if you can raise capital needed for the the new purchase - then  keeping the properties make sense 

@Timothy Blackman- thanks  ...get some referrals for lenders from friends / co workers ...contact them all on the same day with the same criteria and ask them any questions you have and  ask for some scenarios ...compare the  feedback and service they provide ...pick one lender to get pre approved with ,,once you have a property - contact all lenders again for pricing options for the actual loan you will need ...hopefully the lender you chose for pre approval will be competitive in their pricing ..good luck

@Jennifer Katherine De Loughy- probably not ....try reaching out to local bank / credit unions  that are close to the property ...try reaching out to any bank connections you have ....you might find a lender that's willing to  cross collateralize  it with your home 

@Giman Kim- thanks ... the fed lowered their rate .5% today ...mortgage rates will likely take a few weeks to drop  and likely won't  drop as much as this rate ...timing is decent to get a cash out refinance  started ..you might hold off on the rate lock though ..if the property is a 1 unit - you will likely be able to go to a 75% loan to value for the new loan amount 

@Aaron Gallington- thanks ...if you dont need to complete the refinance now - I would wait for a little bit ....you might get fully approved for the new loan with a lender to make sure you are able to get the loan but hold off on locking a rate and completing the loan until rates drop a bit more ...if you are able to obtain conv financing - go this route as 75% ltv should be available and rates / fees should be much better than a DSCR program - thanks

@Mary Pastoral- thanks ....I think you will need to use option 1 as the other options dont appear to be viable to raise the capital needed ....consider a conventional loan for the new purchase as the down payment can be as low as 15% of purchase price ....good luck 

@Account Closed- hi there - were you able to get the Ballard property sold ?  IF you havent and if you are considering selling it - the demand is likely to pick up with the latest drop in mortgage rates ...good luck and feel free to connect if you need any assistance - Dave Skow