All Forum Posts by: Jasmine Pickney

david@owenfinancials com
https://owenfinancials.com/

Quote from @Account Closed:

Quote from @Jasmine Pickney:

Hello, I’m going through a private financing company and I am being advise to pay it before closing. Is it to be paid upfront or at closing? 

 It would be interesting to put their company name and the individuals name into Rip Off Report https://www.ripoffreport.com/ and see what comes up.

Quote from @Jay Hinrichs:

Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

This is my first deal and I’m terrified because the money is being requested to be sent to an entirely different person from whom the origination fee was sent to. Is this typically how private lending goes? 

Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

It’s an interest only loan for a rental property. 

2 points system 
160,000k loan amount
origination fee 3,200
PMI 4000 


Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

Hello, I’m going through a private financing company and I am being advise to pay it before closing. Is it to be paid upfront or at closing? 

Yes

 @Jasmine Pickney PMI as in private mortgage insurance? if so, that is odd as PMI is a FHA loan cost, not typically on private loans. Maybe it is something else?

 @Jasmine Pickney You should NOT being paying PMI AT ALL on a private loan. That is for FHA loan. Maybe they are asking for pre-paid interest upfront?

@Jasmine Pickney You are essentially just paying 4.5% points for this deal. You have the 2 they are calling origination and the 2.5 (the 4k) they are just calling mortgage insurance. At the end of the day, who cares what they call it right? It is still a cost. private mortgage insurance is only require in certain circumstances on conventional and FHA loans. So, they are just naming a fee so they do not have to show you 4.5% points.

 No, it is not.  I would find a different lender. 

Jay this is classic scammer fake lender BS.. there is as you state NO such thing as PMI on a private/ HML .. the scammers just do that to collect more money out of their victims and folks dont know what they dont know and they hear about PMI and just assume it legit.

Thankfully they come to BP and ask the question there is  a core group of us that normally jumps in and trys to save these folks from losing their money to a thief.

Quote from @Account Closed:

Quote from @Jasmine Pickney:

Hello, I’m going through a private financing company and I am being advise to pay it before closing. Is it to be paid upfront or at closing? 

 It would be interesting to put their company name and the individuals name into Rip Off Report https://www.ripoffreport.com/ and see what comes up.

Quote from @Sylvia H.:

Please don't go with this company. They are scamming you big time. There are plenty of non traditional lenders out there that can write your loan without all the high fees. Please contact me to discuss.  Im a mortgage broker and would be happy to discuss your options at no cost. Never pay upfront fees to anyone unless it's for the appraisal.  Best of luck 👍 

Quote from @Jasmine Pickney:

I am not qualifying with traditional lenders.  Quote from @Erik Estrada:

Quote from @Jasmine Pickney:

Hello, I’m going through a private financing company and I am being advise to pay it before closing. Is it to be paid upfront or at closing? 

 I would find a different lender. Sounds sketchy. Only fees you pay upfront is the credit report fee and the appraisal fee (if the private money lender requires it). Why did you choose a private money lender? Origination and points could be a lot higher on these loans. 

Have you looked into doing a DSCR loan instead? LTV is hovering at 75%-80%.

Quote from @Jasmine Pickney:

Hello, I’m going through a private financing company and I am being advise to pay it before closing. Is it to be paid upfront or at closing? 

 I would find a different lender. Sounds sketchy. Only fees you pay upfront is the credit report fee and the appraisal fee (if the private money lender requires it). Why did you choose a private money lender? Origination and points could be a lot higher on these loans. 

Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

This is my first deal and I’m terrified because the money is being requested to be sent to an entirely different person from whom the origination fee was sent to. Is this typically how private lending goes? 

Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

It’s an interest only loan for a rental property. 

2 points system 
160,000k loan amount
origination fee 3,200
PMI 4000 


Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

Hello, I’m going through a private financing company and I am being advise to pay it before closing. Is it to be paid upfront or at closing? 

Yes

 @Jasmine Pickney PMI as in private mortgage insurance? if so, that is odd as PMI is a FHA loan cost, not typically on private loans. Maybe it is something else?

 @Jasmine Pickney You should NOT being paying PMI AT ALL on a private loan. That is for FHA loan. Maybe they are asking for pre-paid interest upfront?

@Jasmine Pickney You are essentially just paying 4.5% points for this deal. You have the 2 they are calling origination and the 2.5 (the 4k) they are just calling mortgage insurance. At the end of the day, who cares what they call it right? It is still a cost. private mortgage insurance is only require in certain circumstances on conventional and FHA loans. So, they are just naming a fee so they do not have to show you 4.5% points.

 No, it is not.  I would find a different lender. 

Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

It’s an interest only loan for a rental property. 

2 points system 
160,000k loan amount
origination fee 3,200
PMI 4000 


Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

Hello, I’m going through a private financing company and I am being advise to pay it before closing. Is it to be paid upfront or at closing? 

Yes

 @Jasmine Pickney PMI as in private mortgage insurance? if so, that is odd as PMI is a FHA loan cost, not typically on private loans. Maybe it is something else?

 @Jasmine Pickney You should NOT being paying PMI AT ALL on a private loan. That is for FHA loan. Maybe they are asking for pre-paid interest upfront?

@Jasmine Pickney You are essentially just paying 4.5% points for this deal. You have the 2 they are calling origination and the 2.5 (the 4k) they are just calling mortgage insurance. At the end of the day, who cares what they call it right? It is still a cost. private mortgage insurance is only require in certain circumstances on conventional and FHA loans. So, they are just naming a fee so they do not have to show you 4.5% points.

2 points system 
160,000k loan amount
origination fee 3,200
PMI 4000 


Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

Quote from @Jay Hurst:

Quote from @Jasmine Pickney:

Hello, I’m going through a private financing company and I am being advise to pay it before closing. Is it to be paid upfront or at closing? 

Yes

 @Jasmine Pickney PMI as in private mortgage insurance? if so, that is odd as PMI is a FHA loan cost, not typically on private loans. Maybe it is something else?

 @Jasmine Pickney You should NOT being paying PMI AT ALL on a private loan. That is for FHA loan. Maybe they are asking for pre-paid interest upfront?