All Forum Posts by: Kyle Deutschmann

@Dave Madden would someone be able to co-sign with her? Might be the best way to access good conventional financing terms or waiting until she gets a full-time job offer to get pre-approved

@Vernell D Watson hey Vernell, delayed financing is not that complicated.. it’s just getting a mortgage on a property you purchased in cash/without a mortgage prior to the 6 month standard seasoning period required for a conventional cash out Refi. Youll generally get better terms on a conventional Fannie/Freddie loan than private loans; however, you do get capped on the number of financed properties you can have before you’ll have to look for alternate financing but if this is your first property I wouldn’t worry about that at this point. I’m not sure why those LOs were saying that unless they are A) inexperienced, B) don’t know their loan guidelines, or C) don’t want the business because they think the loan size is too small

If you are considering refinancing, I would do so when you still plan to live there for at least a year to get the best terms (as an owner occupant). If you refinance when it's non-owner occupied you'll generally be paying slightly higher rates/points than an owner occupied house. Rates are fantastic right now, so if your goal is cash flow then I would look at the monthly savings from a lower rate and by getting rid of PMI, multiply by 12, and compare to the total closing costs (minus any pre-paids and any initial escrow deposit) to determine how long it will take to re-coup the costs. Lets say it takes 2 years for the savings to re-coup the costs but you plan to own the house for the next 10 years then it's well worth it.

@Harmony Obasi hey Harmony, what type of financing are you looking for? Residential, commercial, hard-money, something else?

@Sarah Stamper hi Sarah, as many others have mentioned asset based lending is pretty much on hold for most lenders due to illiquidity in the secondary mortgage market. Do you not qualify for Conventional financing?

Hey Rodolfo! Welcome to Nashville! This is a great market that has grown significantly over the past 10 years. It's competitive so you have to get a little creative and not be afraid to put in a few offers, but it's still possible to find a good deal. This actually might end up being a fantastic time to buy in Nashville while interest rates on mortgages are super low and short term rental owners who don't have a long-term tenant might be looking to sell during this slowdown. I bought my first house in West Nashville and house hacked it for about a year and a half before moving out and turning into a rental. Where are you looking to buy? I still live in Nashville but work in Franklin (Williamson County). Best of luck on your move! Feel free to reach out if you need any recommendations on agents, title companies, inspectors, etc. 

@Davis McNulty hey Davis, I know a few realtors in the area who also invest themselves. Would be happy to connect you with them. I grew up in central MD and went to UMD for undergrad so I have a pretty good network there.

Best of luck!

Kyle

Hey @Luke Carl I'm not sure who your insurance agent is but I really like the broker I use. I look at a lot of insurance policies being in the mortgage business and my broker always seems to find very competitive rates and always helps to maximize discounts, etc. He just saved my cousin like $2000 while adding an umbrella policy. 

@Bernadeau C. I have access to several programs that might work for your situation. Send me an email and we can schedule a quick phone call to discuss options you might qualify for. [email protected]

Thanks!

@Evan Reinhardt hey Evan, I went to UMD and know several great Realtors I could connect you with in the area (several who also invest in properties themselves in the area). Would be happy to connect you with one of them if youre interested.