All Forum Posts by: Lucas A Davidson

@Russell Brazil

I am literally walking in or calling, telling them I have an investment property worth an estimated 140k-160, saying I want to refinance to purchase another home and then to repeat.

I'm not filling out forms at all

@Russell Brazil

As an "update"/reply for everyone, I have now went to 4 different local banks and they ALL are only offering 20 year balloons at 5-6% and insist they can't do 30.

@Jingwen Dunford I am in a smaller community and we pretty much only have small banks! This one is a 2 branch bank that's how small!

 Great insight - thanks, Tim!

So, your suggestion is ask for a 75% LTV at 30 years? You made it sound as if that might equate to a mid $400 rate? Sorry for 100 questions, but the loan side of this is my weakest part of real estate transactions!

Yes, it's mine. They quoted me 85% LTV. I have approximately 760 credit and my DTI is fair - I still have 70k left I could borrow if I needed.

Their reasoning was I was "still high risk" as I've never owned a rental and their in house loan for rentals is always 20.

Apologies - conventional

So, I purchased my first "flip" in June for $62k, did 33k in renovations, and now renovations are done. My broker thinks comps would come in around 145-160k. I recently decided to rent it instead of selling it, as rentals are great for weathering recession (which I think is coming)

I asked my lender about a refi. She told me they only do in house rental refinances for 20 years - not 30. Then a 5.25% rate.
With escrowed insurance and taxes, the monthly bill would be around $880...
I was intending to rent it at $1,000-1,100, so obviously this wouldn't be very profitable.

I asked her to go back to the drawing board to see if there was any way to make it 30 years, ideally a payment around $650ish.

I guess I'm seeking some advice - she told me I was a high risk when they gave me the loan, and now I've proven I can do the full remodel she says I'm a high risk, still. I have excellent credit, I am a realtor on top of a full time job in a leadership position, and did the remodel in half the time and at budget.

If she won't budge on the 20 years, should I be shopping around?
Thank you!