All Forum Posts by: Derek Brickley

Hey Vi!  I'd say I have a similar sentiment, first instinct not to touch it.  However, how much is the loan and how much equity do you have?  If you can access a significant chunk of equity, and your current balance is low then it could still make sense logically to reinvest.  Depending on how much you're looking to pull out, FICO, ex. there may or may not be a no fee no point option.  The market isn't very favorable to investment cash out refinances, you get hit with a ton of loan level pricing adjustments.  Not something that will be changing too soon though.  If it'd be helpful to go through the scenario more to see some options, feel free to shoot me a message and we can work through that for you.

Of course the terms depend on your situation and what you're really looking for, but feel free to shoot me a message if it'd be helpful for us to look at some possible alternatives to save on that

Yes it definitely is possible if the seller will agree to it.  Not sure who you're using for title, but know that same as your realtor/lender you have a choice of who you use for title and that might help!

Hey Grace!

Is this a problem for your financing?  If so, then it could get messy.  5% down is conventional so I don't think it would show on an appraisal, in that case you could work on doing an escrow holdback i.e. the seller holds a certain $ in escrow with the title company based on the quotes you receive.  Once work is completed, it will be paid out of escrow (with the sellers money). An escrow holdback does not count towards your 3% max.

Depending how far into the process you are, you could consider raising the purchase price and do an escrow holdback if the sellers are willing so that it's net the same to them and you come with very little additional money.  You just need to be sure that it would still appraise for the agreed upon purchase price.  

Hey Pran, depending on the exact situation, there are some options for that.  Feel free to reach out if you have any specific questions or scenarios!

Hey Orlando,

Long story short - no.  We do not, and I've never heard anyone who does.  However, you can secure an insurance policy during the process of refinancing if there is not currently a policy.

Hey Gene!  Pretty standard actually, especially if it is in a neighborhood.  Depends the exact details, but feel free to reach out if you have any questions on that

Hey Lue, very common and sometimes you might see this called a "kiddy condo loan".  Very common for families to take advantage of when they are younger looking to grow their portfilio/wealth.  Some nuances to verify the primary residence part, but feel free to reach out if you have any questions.

Hey Tiffany!  A horse farm is a bit different sometimes, but yes you can still do a rural property.  Would depend on a number of factors, but feel free to reach out if we can answer any questions you might have.

Hey Carlos!

Consolidating CC typically is a net positive, when we come across that there are a few ways to leverage equity in your home to do that so you can save monthly and get the balance down faster.  Would depend on the full situation though if that would be possible.