All Forum Posts by: Dennis Muno

This seems a little tough and the way forward may be difficult. The best for a cash out refinance usually by most lenders will be 80% LTV. I know very few other lenders that will go above. Even if you get a lender that will do an 80% cash out refi, you may have to come up with some money( closing costs, and money to pay off the other loan).

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Hello Timothy,

I would say that you should compare multiple HELOC offers from different lenders before you proceed. The more lender options you compare for HELOCs the better

1 Vote

Chicago, Illinois

Yes, it is true that most lenders want to see income that is based on at least 2 years of continuance in the same job. Underwriters will check that. That being said, if you have previous income history in another job(s) and an explanation, some underwriters will be willing to consider you.If your income over the years has been rising some underwriters will be willing give you a green light.

I am sorry about your divorce. That's unfortunate. I hate to get personal and even say this but However, some underwriter may also consider the possibility of alimony/child support payments that may reduce your income. Is your FICO reasonable? That may help along with work history.

I would recommend you call up a local mortgage broker near you, give them your info and let them see what they can do for you. Let them call up many banks/lenders with your info and get some possibilities for you.

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Hello Stephanie,

Do you mean you are looking for loans that will not be resold to another lender after closing? Most mortgages get resold on the secondary mortgage market so lenders can get more money to be able to loan to others. When resold, your mortgage terms do not change at all

That being said, you can ask around banks/ local credit unions and see.

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Manchester, New Hampshire

I think you should get a second look from a lender at this to see if they can get you another quote.

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Cape Coral, Florida

Quote from @Doug Smith:

What do you deem to be a "good rate". The CA market is quite different than the rest of the country right now. With housing prices much higher than most areas and a very, very high net negative migration, CA is tough. The answer will be very different for owner-occupied and investment real estate loans. When I was a banker, we were brainwashed into thinking that investors were unwashed, bottom-feeding con artists who could not be trusted. Just look at me now! The FDIC and other regulators HATE loans for investment purposes to smaller investors. The 10-Year Treasury has been tracking upward, so rates have climbed a great deal over the past few months. According to Mortgage News Daily, the average 30-year fixed rate loan for an owner-occupied home in the nation is 6.92% as of the time I type this (I'll add the screen shot below). Gone, at least for now, are the days of 5% rates. You'll need to add a risk premium to that rate for investor deals. They are hovering around 8% for a longer-term investor deal right now. I did lock one sub-8% a couple of days ago, but most are hovering around 8%. Banks and credit unions will be a decent place to go for loans for smaller investors only if that investor has other business with the bank that is significant. One of my customers, for example, owns a chain of medical centers and has an average deposit balance with them North of 7-figures. They'll give him loans, but most investors that ask for investor loans will get they "eeeww, we don't do those loans." I'm not sure if that helped, but I hope it did.

Absolutely brilliant, Doug. Well said!

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San Jose, California

Well, to be honest everyone's rate for any loan will vary. Loan pricing is usually based on pricing factors like FICO, downpayment amount, zipcode(high density population or low), duration of loan, etc.

That being said, I would recommend you call up minimum 3 lenders and have them give you pricing before you continue.

Also, why an ARM? Are you prepared for if the fed continues to increase interest rates? You monthly payment could also increase out of your control and planning, obviously depending on loan terms. This could affect you being able to pay loan off monthly and also your cashflow.

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San Jose, California

I would say the best lender is the lender who has a good reputation, closes fast, has good pricing(obviously FICO, downpayment amount,DSCR ratio factor into your pricing) would be the best lender. Try to get pricing from at least 3 lenders and see if their pricing works for you, your budget and is in line with your numbers

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All Forum Posts by: Dennis Muno

Dennis Muno has started 1 posts and replied 324 times.

Post: Single family new construction Cleveland Heights

Post: Looking for additional lending partners

Post: In Desperate Need Of Home Financing Help

Post: HELOC for investment properties 2 to 4 units

Post: Hard to get Financed

Post: Seeking 5% Down Conv. 30yr Lender for Dover MF (no income limit)

Post: higher closing costs for a construction to perm loan

Post: Any recommendations on 30 year or arm loans with low rate from bank or credit unions?

Post: Any recommendations on 30 year or arm loans with low rate from bank or credit unions?

Post: Who's your go to lender for DSCR loans?