All Forum Posts by: Stuart Cairns

I have called 20 banks and no one does a 1st lien on investment properties except 1 stated they would if owner occupied.
During the research I read a website, which stated that 1st lien HELOCS on non-occupied are illegal and not allowed by Federal Law.

Anyone know if this is true?

 Hi Austin, did you do that on a rental? They told me today, only if I live in the rental property.

Hi Austin
I had never heard of them till today. I found them doing a search during my lunch break. I am just sitting down to follow up but I didn't see that they offered this to rental property. Off to investigate more and thanks for sharing.

I am looking for an HELOC loan, 1st lien on my investment property.
Anyone know of a lender who will HELOC a 1st lien on a rental property?

Fed up with being unable to contact Nationwide for a simple question. My agent retired and I do not know my new agent but no matter which way I try to contact, they send me round in circles then I get cut off. Looking for an agent with a decent product for 2-4 units. Recommendations please.

Contract is $325 000 with 25% down. 

Hi Robin
It is not DSCR. The rents are far below market value and even brought into line which the tenants are aware of. No increase in 10 years. We are aware that this property is not going to start with a big cash flow, but it is a very well kept building with really clean tenants. My issue is that I asked for a rate and payment. I was told 7% and payment with 25% down.
Only when I was in contract was I told the quote of 7% was also including 2 points.

I am not usually travelling, in fact rarely, but I have two trips out of the country which leaves me just a few days between now and closing. 
I am not looking to pay points as I am hoping to refinance at a better rate if they drop due to the upcoming election.
Before I go back to the lender, I am looking for more information on what is a realistic expectation that I should be expecting.

Thanks Andrew. Due to a time constraint before closing, I was hoping to get a broad-based answer, from an experienced investor. I requested an interest rate and payment which I was happy with but then I was surprised with points which were not discussed.

I feel that approximate rate and realistic point fee is not impossible to discuss. If you were buying today, as an investor how would you know what is a reasonable expectation for a lender through experience rather than calling a bunch of lenders.

Do we have rules we can typically appl. Avg bankrate is 5%, is an investor loan typically 1% higher?
Is it more than 1%?
Is an investor expected to pay points based on that %age?
Doesn't need to be exact just principles over time based on current homeowner rate.

Scores above 780, 25% downpayment. 2 investors. What is today's interest rate for an investment triplex and would points be expected to be paid.