All Forum Posts by: Jamal Green

Thanks for your info. Mortgage brokers in Atlanta can be very incompetant and some banks and credit unions can be very difficult to deal with, so just looking for some suggestions.

I have a property now worth about $750000 and I have about $280k in equity in it. I live there and i would like to get a HELOC at 90% LTV to put the money towards a new investment.

Anyone have any recommendations for banks I could use?  Any feedback about ease and speed of process, rates, etc would be much appreciated.  the property is in Atlanta, Ga.

thanks!

It doesnt matter if you use the HELOC money to buy an all cash auction property or if you use the heloc money as a downpayment on a more expensive property. If you feel you know what you are doing, and you can find a good deal, paying interest on your downpayment should have little effect on your success. think about it this way... you bought a property that went from $100,000 to $160,000 in two years. If you had borrowed all the money at the begining, you would have paid approx $10,000 in interest. But you would still have made $50,000. If you had bought a more expensive property, you might have made even more. Its all about the deal you can find. if you find a good deal, doesnt matter if you have to pay a bit of interest on the downpayment. or if you find a good all cash deal, then go for that. more expensive can be a bit riskier, due to more money being involved, higher taxes, etc etc .... but something in a better area usually holds its value in down times and goes up more in the long run

I am looking to refinance my  rental property which is a single family home (with an accessory apartment).  Its in Atlanta, Ga.

It has a first mtg of $400,000 and a HELOC (which I got when I lived there) of $65,000.

the value is currently $650,000 and I would like to take out as much equity as I can.

I am wondering which banks would offer a LOC on an investment property. I called PENFED and they offer one at 80% LTV. Anyone have any experience with them? 80% LTV = $520,000

Any other banks to try?

I could also do a new first mortgage as a cash out refinance, but my go to mortgage lender says they cant do a cash out refi at 80% LTV for that large a mortgage, they can only do 60% which doesn't leave me any cash out.

Advice? recommendations???

thanks!