All Forum Posts by: Ian McKay

I wouldn't be surprised if they were shopping around for the best deal they could resell it for to be 100% honest when you are talking about underwriting.

Doing my first cash out refi. 3.875% 30yr lower fees.

Question how long should underwriting take? Good+ credit, with lots of equity, w2 income for 2 years. The entire process is about 17 days in from loan application. Rate lock for 45 days.

Do some places try to squeeze you and let the rate lock expire? Anything else I should look out for? 

Ian

 

Hi

Looking to do a refi on a "primary" residence possibly pull out equity to pay off debt and lower the interst rate from 5% to hopefully below 4% via credit union.

Is it better to have say 10K in an account or use the 10K to pay off some of the debt prior to applying for a refi assuming good credit? 

Thanks 

Ian

Thanks! 

How much money should you set aside per door / single family property for emergencies such as covering the mortgage due to vacancy? That's my primary concern with brrrr or any property I don't own outright. 20% or less down is great but if my tenant leaves I have to cover the mortgage which could be 2K a month in Northern Virginia. 

Thanks!

Sounds similar to many IT certifications.

Getting my license however there are a million different companies which offer the 60 hr class in Virginia. Any recommendations?

Online versions, in person classes. Which was better?  One person suggested Moseley. 

Ian