All Forum Posts by: Danny Celestin

Mia, are you seeing guaranteed rental rates matching the payment standards in Indy or are they much lower? 

Looks like the advice is unanimous here that in my situation, not buying down the rate is my best option. Thanks again! 

Thanks @Ray Hage !

Thanks @Brandon Croucier ! 

Thanks @Robin Simon !! 

Thanks @Elias Halvorson! 

Thanks so much @Ben Zimmerman! Really helps!

BP Fam, thanks in advance for your help with this situation. I'm in escrow on a duplex, my credit score is high 750+, I'm a W2 employee, and I plan on keeping this duplex for more than 10 years. With all the speculations of rates going down in the future what is the best option in your opinion. At the lowest rate option I'll have just enough reserves. The reason I'm asking is because I made so many mistakes on my first property and I made them because I didn't ask enough questions. Just trying to avoid making the mistake this time around! Thanks again! 

1. Non QM, 8.125% interest rate, 2.625pts, 20% down payment, 12 month prepayment penalty period - 3.61% CoC

2. Conventional, 7.375%, 1.249pts, 25% DP, no prepayment penalty period - 6.45% CoC ($43K savings over 30yrs)

3. Conv., 6.999%, 1.694pts, 25% DP, no PPP - 7.2% CoC ($55k savings over 30yrs)

4. Conv., 6.625%, 2.176pts, 25% DP, no PPP - 7.9% CoC ($67K savings over 30yrs)

5. Conv., 6.125%, 3.204pts, 25% DP, no ppp - 8.72% CoC ($82K savings over 30yrs)

Thanks everyone. Helps me understand better. When I got pre approved I didn't have a home under contract. The mortgage broker told me that the numbers could go up or down based on the asset. Thanks again! 

Hey BP Fam, two questions for you. 1st question; is there a huge difference in the rate for a conforming conventional loan for an investment property vs primary home? 2nd questions; I Just got pre approved for a non QM product: 20% down, 8.25% interest rate, 12 month pre payment penalty period, 2 points, and Conforming Conventional product: 25% down payment, 8% interest rate, no pre payment penalty, 1 point fee. 2-4 unit in Ohio. Are these good options? Thanks!