All Forum Posts by: Mark Mazzucco

With interest rates soaring down from 7-8% and most rates for FHA and VA being in the 5s now, definitely a good time to start looking at seeing if you can refinance to lock in rates in the 5s! And Conventional should be low 6s!!! Which is good news. If you are a buyer, prepare yourself because these rates are going to get very competitive again with home pricing as everyone is trying to get back into the market!!

Just my thoughts! 

If you can cross collateralize with your portfolio that typically helps with the rates, we offer HML's around 10-15% (10% on the low end if there's a lot of collateral or repeat clients and also depending on the terms of how long the loan is needed) limited to no points too.

 I have some hard money options that could do it (allows for faster timing of builds which leads to overall less time to allow for refinance after) let me know if you want to know about those options.

Hi Lisa - to echo what alot of others have mentioned, there's even DSCR products that can go to 75% of what the PITI is, so I wouldn't listen to a lender that's telling you its not possible, just closed 3 for my clients this past month....there's still plenty of deals everywhere.

The other thing to keep in mind, is if you find a good lender, they'll even have hard money lenders that would happily do something at almost the same rates. I know I have my private investors that will do investments all the time, way less paperwork, more non conventional financing and just better options available. So like everyone mentioned, find someone you can trust but also not just stuck with the normal conventional options. Most banks like a Bank of America and big box companies can't do out of box loan programs. Hope this helps!

Rates are mid 6s now! So it’s hopefully going to get better!!

 Pretty straight forward process! Similar to what was mentioned above... You would essentially use the rent you get from the lease that you are going to set up to offset the liability of the mortgage you currently have...so you'd be good there! I know John mentioned you'd need to ensure you meet the terms of the loan for USDA, but since you're moving, that is okay since you already lived there as a primary! 

Since you are buying a new primary there's not much to worry about, depending on your income level you can still qualify for 3% down conventionally and then another option you can look at 3.5% down with FHA...Lastly you can always do standard 5% down if those options don't make sense.

I actually just closed on a home for someone in Columbus, Ohio that had a similar situation as you...so happy to give you any advice you may need!

Yeah - these are all good thoughts! I know right now with rates in the upper 6s and low 7s instead of 8 now, there's an alarming number of people trying to buy since there's unknowns of where they go from here.

I just wrote about this in another post...but I've noticed when the rates went from just 8% back to the upper 6s the last 2 weeks I've had an increase in number of people trying to get pre-qualified....so I think when rates pull back to 4-5.5% hopefully, you would then see more buyers meaning prices would get stronger some. Just a thought.

Hi all - Positive days ahead...we have already seen rates move away from the 8s back into the mid to upper 6s lately, so as long as we can keep positively trending rates for the better there will be some interesting movement with properties hopefully. 

A lot of people are predicting rates to be back in the 5s in the next 12 months...and it will be very interesting to see what happens to home prices since that would drive more buyers again.

I know the last few deals I got under contract with my clients last week, we have seen anywhere from 1-3% in concessions and price reductions, so very strong buyers market since there is not a lot of buyers out there...I know I personally just bought with the thought process that as rates pull back, the home prices will go up with more buyers. We will see! But I know I can live with a rate in the 6s for now for at least a year or so to see where things go.

Hope you all enjoy the thoughts about market moves.

I'm a lender but actually still have some various products that are around upper 6's actually for primary residences. But even my investment rates are still around 7.5s. But yeah, it was 6% but I took the higher rate of 6.75% to get a 7K credit for the rate so when I refinanced here in the next 18 months I didn't leave money on the table!