All Forum Posts by: Kevin Luttrell

@Kez Strong I agree with @Stuart Grazier, I've heard good things about USAA relating to banking and insurance but not-so-good things relating to mortgages (poor customer service, slow, etc). I've also had several clients that obtained quotes from USAA and they were always at least 0.25% higher than the rates I was offering. 

@Amy Konopka agree with the above comments. I'll add though that you should be transparent with the lenders you're considering and make it clear to them that you're still shopping around and comparing options. It would be bad form to start the process with 1 lender and lead them to believe that you're moving forward with them, then sending their LE to other companies asking to match or beat it. 

@Pamela Winslow It's common for lenders to transfer servicing after closing, but there legally cannot be any changes to your loan terms. 

You said the mortgage statement you received shows the correct monthly payment? If that's the case then there's no reason why your payment online would be any different unless the bank charges a transaction fee for a particular payment method or something. 

@Mary Davidson Yes investment property rates are higher than primary residence rates. And yes many lenders have pricing adjustments for smaller loan amounts. Lenders make money based on loan size - the bigger the loan, the more money they make originating it. Sometimes the profit on smaller loan amounts isn't worth the lender's time (when factoring in all that goes in to the loan process and paying the originator, processor, underwriter, etc) so they will have a minimum loan amount and/or added pricing adjustments for smaller loans. 

This is the case with many lenders, but not all. Usually I recommend reaching out to a local community bank or credit union for small balances like these. 

@Matt Schreiber Thanks for your post and for the info! I ended up signing with them as well - 3 months in to the lease so far and it's going well. My terms are identical to yours as far as the 1-year lease with 3 options to renew (for them), 3% yearly rent increase, etc. We'd be making more money if we rented ourselves as STR, but we're saving ~$100k in furnishing costs since Avantstay provided all of the furnishings themselves.

It's a pretty good deal and definitely made sense for us. Rent has been paid timely and we've had no major issues. Like Matt, anyone can feel free to reach out to me if you're researching Avantstay and would like more info about them. 

@Nathan Caffero call up a credit repair company. A decent one will almost certainly be able to raise you up into the 600s within a few months.

Not much chance of qualifying with any lender with a 550 score.

The question was whether or not an appraiser will give a higher value for a property with a pool vs without. The answer is almost certainly yes, it will be valued higher with a pool. The adjustments made by the appraiser will depend on the market you’re in and comparables. 
Whether or not the pool would add more value to your home when you are selling is a completely different story. Some may value the pool, others may not.

Yes your property will appraise for more with a pool vs without. 

@Sam Ajouz You can easily do all that yourself. 

https://howtostartanllc.com/te...

https://www.texasregisteredage...

@Jigar Patel Usually the grantee does not need to sign the quit claim deed, only the grantor.