All Forum Posts by: Nicholas Baughman

I'd be careful converting the garage to a studio. If the city finds out they may fine you and make you convert it back. I also see your net income is around $800 but I don't think you're saving for cap ex either. Just curious, how much did you put down? Is it a single family or multi family? Im looking to get in to multi family is SD as well but have entertained the possibility of doing a single family and renting each room out as an Air-bnb. However, places like Coronado from on this and I'm thinking most other cities are starting to as well. Anyhow, congrats!

@Chris Mason I just Checked out your website. Perhaps we can talk shop tomorrow? 

But what I've been shopping around for is the lowest second rate I can qualify for and I was wondering if any one had lender suggestions. I know it shouldn't matter, especially since I could do an IRRL, but in case something happened I'd like the lowest rate going in to it at first. 

@Chris Mason That's what I planned on doing. I wanted to weigh my options of HELOC vs. VA refi but I'm leaning towards the Regi because of rate locks. Since it's a second, I know the rates will be higher but I could always do an irrl later down the road. As for your technique, I've thought about going higher too. A lender had mentioned that as well but I'm not familiar with it and it sounded fishy when I first heard of it. Can you explain it a little better for me? Also, I'm confused by your statement about IRRl's. Do you like them or hate them?

I have a VA loan on my primary. I'm just looking to see if there's any difference in VA cash out lenders out there and if any one suggests working with one that's really great. It's been difficult talking with lenders and wondering if you're getting the best possible rate or not. Or lenders who say they do VA loans but they really don't. Right now I have a 2.75 rate on my primary and it's hard to let that go.

I've been researching a lot of different financial institutions to do a cash out refi or a HELOC. Just curious if anyone has some suggestions for institutions that deal in VA cash out refi or HELOCs?

Andrew Postell I have another question. I'm not sure if you can answer this or not. We have a loan on our primary for $300k. The monthly mortgage (everything) is just under $1800/m. How is it that if my house is now worth $600k, and I pull out $300k, that my mortgage isn't doubled? Meaning, if I'm paying the $1800/m now on a $300k loan then why isn't it doubled when I refinance at $600k? This is something my wife keeps asking me and I don't really have a good answer for her. She's afraid that it's going to be WAY more than what people are pricing me at around $3000/m. Her logic says it should be closer to $3600/m. Does that make sense?

Andrew Postell Thanks for the advice. Those are really good points. Yeah, I'm questioning the 3.25 and I have been looking for reviews for the company. They do rank in the top ten for refinancing and they're in good standing with the BBB. There's a few complaints to be cautious about. I'll weigh my options and research some more companies. I'm just afraid interest rates will go up and wonder if I should lock in soon. Also, should I be Leary of lenders who say they'll credit me back some points? Does that mean I'm paying for it in the back end or is it truly a Discount?

Hello, I've been shopping around trying to figure out the best rates to do a VA cash out of my primary. I owe 300k on a 30 year, 2.75% rate mortgage. I'm looking to pull out possibly 300k. My DTI is ~47%. My credit score is 730 and my wife's is 700. The best rate I've seen is 3.25% that includes a lender's credit of 1.5. This is from loan depot. Most other lenders are saying ~ 3.75-3.87%. Should I lock in the rate with Loan Depot? The other portion is that my wife isn't sold on the idea of pulling so much out. I told her that if we paid everything off we'd be saving $500/m, lower our DTI down to ~27%, and have ~ $165k left to do some things around the property, but most importantly, invest in another property. She's still nervous because she looks at it like we'd pay off most of our other debts in less than the 30 years on the new mortgage. I try telling her you can't look it that way. For one, all our other debit is now a right off (minus student loans of course). Secondly, even if we paid them off before then it would still take 10 more years to save up $200k. (she's worried if one of us lost our job how'd we pay for the new mortgage. She's worried we could put ourselves in a position where there's more potential to lose our house). So thirdly, I need to explain to her that it's a VA loan and its guaranteed. That means we can work with the VA and lenders a little easier to buy some time if needed. All-in-all, I feel like this is a great idea that will give us more leverage and that's key. What are your thought? Anyone have some great lender recommendations? Thanks

@Keith Johnson do you know what area that was?