All Forum Posts by: Dina Schmid
Dina Schmid has started 9 posts and replied 99 times.
Post: What Interest Rates Are You Seeing?
- Posts 100
- Votes 51
Quote from @Karina Busch:
Quote from @Dina Schmid:
We have a winner! I called local banks and found 6.125% with reasonable closing costs. I was honestly dreading doing the calling, but am so glad I did.
I have to give a shout out to @Michael Baum because I honestly would have never thought to call local banks directly when trying to get a house from OOS.
Congrats of being under contract and finding a better loan. I am in KY and have been quoted 6.5-8% on investment properties. Can I ask what bank you found for the 6.125%? That's great!
It's with South Central Bank. Or I should say "was" as the rate appears to have gone up a bit.
Post: What Interest Rates Are You Seeing?
- Posts 100
- Votes 51
For anyone interested - We are under contract and have inspection scheduled for Wednesday for the cabin I mentioned. Unfortunately, due to all the turmoil in domestically and around the world, interest rates went up about 0.25%. Still doable though.
Post: What Interest Rates Are You Seeing?
- Posts 100
- Votes 51
Quote from @Brooklyn McCarty:
I would reach out to Brenna Carles with The Mortgage Shop, she is going to be the person who can help you the most with financing a log home.
Went and saw it this weekend and confirmed it's log siding. Financing shouldn't be an issue.
This hasn't been the only issue on listing information that's been incorrect/confusing. We don't think listing agent has even visited the property. No "for sale" sign posted out front to help find it. Told our agent that she's got four more showings today (a Monday?) when on speakerphone with me present. But then again, in that same conversation she mentioned the appeal of one-level living and the cabin being totally accessible - when there's a bunch of stairs between the street and the cabin!
Post: Bottle of Wine for a Welcome Gift
- Posts 100
- Votes 51
I wouldn't do alcohol. A friend of mine still talks about the VRBO she rented leaving them a Christmas ornament with the town and year on it. I would go one step further and personalize with your cabin name - makes it easier to book for a return trip.
Post: What Interest Rates Are You Seeing?
- Posts 100
- Votes 51
We have a winner! I called local banks and found 6.125% with reasonable closing costs. I was honestly dreading doing the calling, but am so glad I did.
I have to give a shout out to @Michael Baum because I honestly would have never thought to call local banks directly when trying to get a house from OOS.
Post: What Interest Rates Are You Seeing?
- Posts 100
- Votes 51
Quote from @Patricia Andriolo-Bull:
Quote from @Dina Schmid:
Quote from @Patricia Andriolo-Bull:
Do you have access to a LOC in some way? I just got a 4.99% rate but it is a 3 year lock 30 year amortization or a 5.25% 1 year interest only. I'm likely taking the 1 year interest only and will refi then. My regular LOC is charging 7% today without points but it changes daily. I'm happy with a one year interest only commitment as I don't think the rates will get to there that quickly. BTW, this is with Morgan Stanley.
Interesting strategy but I don't think that's one we'd be comfortable with. Thanks for sharing.
It all comes down to personal financial situations and tolerances for risk, debt, etc. I don't think this is the best option for us.
Post: What Interest Rates Are You Seeing?
- Posts 100
- Votes 51
Quote from @Mike H.:
You are going to have an issue with it being a true log home. A lot of lenders don't want to touch those. Are you sure its a true log home and isn't just a stick built home with log siding and tongue and groove on the inside?
As for rate, it is an investment property so I don't know of anybody getting 6 or below on investment. But 6.5 should be doable. Maybe 6.25 even.
The sellers have listed it as a log home. I've been questioning whether it's truly a log home myself and do suspect it's actually log siding. Earlier this morning I sent a message to my CU's mortgage loan officer asking if they would cover log siding. The response was that he doesn't know and would have to look into it and get back to me on Monday!
Post: What Interest Rates Are You Seeing?
- Posts 100
- Votes 51
Quote from @Patricia Andriolo-Bull:
Do you have access to a LOC in some way? I just got a 4.99% rate but it is a 3 year lock 30 year amortization or a 5.25% 1 year interest only. I'm likely taking the 1 year interest only and will refi then. My regular LOC is charging 7% today without points but it changes daily. I'm happy with a one year interest only commitment as I don't think the rates will get to there that quickly. BTW, this is with Morgan Stanley.
Interesting strategy but I don't think that's one we'd be comfortable with. Thanks for sharing.
Post: What Interest Rates Are You Seeing?
- Posts 100
- Votes 51
Quote from @Michael Baum:
Quote from @Dina Schmid:
Any tips on how to find them from out of state? I'm looking in a neighboring state, at an area 2.5 hour drive from home.
Look for "local" lenders. That can be hard to tell. Bank of America, obviously national. Bluegrass Savings and Loan, Volunteer State Credit Union...that sort of thing.
Here there is Olympia Federal. Portfolio lender that only lends in WA state.
The time you spend could save you a full point.
Thanks for taking the time to answer my quetion. Really appreciate it! I will start searching and calling around this afternoon.
Post: What Interest Rates Are You Seeing?
- Posts 100
- Votes 51
Quote from @Kumar R.:
One of the homeowner who recently joined our STR portfolio said she got 6.25%. However, local realtors are saying that rates have come down below 6%
Yeah, all trust in this guy is lost.
And it's making me question our realtor if this is who she recommended.