All Forum Posts by: Ryan Terrio

@Carlos Ptriawan yes, I’ve looked into this. I won’t do it for a higher rate. I have plenty of years to refi. I was just curious if anyone else was offering these rates. I know of people going with Credit Unions getting significantly lower rates than the rest of the market, but then I know of plenty of lenders claiming that you can’t get that at all.

@Raymond J. Rodrigues not sure how to answer your questions honestly. What do you mean by "unless Uncle Sam has declared his"? We have 2 full years income on one STR, 1 full year income on the other. About $200,000 in annual income from the two and about $10,700 on average in expenses from them. Our primary mortgage is $2,049 a month and my wife and I make pretty close to $400,000 in income from our W-2s. We also have 3 LTRs that each make between $400-800 profit each month. We have A LOT of money saved for reserves. I would think we would qualify however you look at it. At first he said he couldn't do it because he thought we each had 6 mortgages on our names and that was his max, then I told him that some were on my name and some were on my wife's name, so he said he'd take a look, then he said that he needed to 2023 tax return done after originally telling me he could do it on a P&L. Seems to me he just doesn't really have what he claims to have to offer.

@Joseph Chiofalo 7/1 ARM. Started on Jan 2023. Not in a rush to refi but when I found someone who claimed to be offering something at nearly an entire percentage point lower I wanted to do it and take the other person off the loan but not going to refi for a higher rate obviously.

@Chris Seveney yes, I've looked at DSCR but the rates are significantly higher than what we currently have. I should've mentioned that we currently have a 6.875% rate and just looking to refi into a lower rate because we want to take someone off of the mortgage, came across someone who offers a lower rate and curious if anyone else can match that rate. We do not NEED to do the refi but the plan is to eventually do it and remove the other person from the loan.

@Millie Leung have you tried clicking on the “Build My Team” tab on here and the “Find a PM” in your desired location, reading the reviews, and then contacting them?

I would like to refinance a condo in Destin, FL being used as a short term rental. I found a lender who offered rates that seemed too good to be true (6.125% 7 year ARM) but found him through recommendations from others who have used him. Contacted him, and since contacting him he has been pretty hard to deal with. My wife and I invest in real estate, the stock market, and both have high paying W-2s and obviously file extensions every year on our taxes. He does not seem to want to do the work on the refi until we have a 2023 tax return filed, though he told me he could do it without the 2023 returns filed it would just be more work on his end and mine. I've done it before with other lenders and don't mind the "extra work".

Are there any known lenders out there who have a similar rate for condos currently and can work off of P&Ls and leases?