All Forum Posts by: Account Closed

@Stephanie Medellin that’s very helpful, thank you! it seems like my best choice then is to continue putting some extra towards my mortgage so I can hopefully get to 25% equity while the market is like it is

@David Kelly thank you for the info. That's a good point, I could look for a lender willing to use a higher property value. By my calculations, the value would have to be almost $20k higher for me to qualify for the 25% equity requirement. 
The zestimate seems pretty accurate when I compare my home to recently sold homes in my area. I'm thinking my best course of action will be making extra payments towards my principal, combined with finding a lender that is willing to use a higher value for my property. Then hopefully I can refinance a lot sooner than if I just waited until I accrued 25% equity.

Hello! I originally purchased a 3 family home in 2018 using an FHA loan (4% interest rate). Thanks to the current market climate, I have about 21% equity in my house now (assuming the "Zestimate" on Zillow is correct). I want to refinance to a conventional loan to 1) save on interest and 2) get rid of PMI.

However, I do not live there anymore, so it would be refinanced as an investment property. I read that you generally need 25% equity for an investment loan, but has anyone heard of getting an investment loan with only 20% equity instead of 25%? If so, where should I look for these loans? 

@Brett Aguiar it's a three-family home with 1 driveway, so unfortunately I don't think having the tenants shovel is an option. Not only would it be potentially difficult for them to coordinate, but there's liability issues with that approach too. 

@Colleen F. I will have to try another local company again. The first company I hired was local but they just never showed up, so hopefully that doesn't happen again

 Thank you for this recommendation! 

Thank you everyone for the replies and advice!! 

Hello! I've owned a 3-family in the Providence, Rhode Island region since 2018. I lived there last winter and the one before. I initially tried to hire a landscaping company to plow the driveway, but the first big snowstorm, he never showed up. So I purchased a snowblower and my fiance and I handled the snow removal the last two winters. However, we've since moved out and I'm at a loss on how to find a reliable snow removal company. Does anyone have any recommendations on how to find one? Or any specific companies they'd recommend in the Rhode Island/Massachusetts area?
Thanks for your help!

 That's a really good point, thank you. I think that he definitely knew it was a bad roof, which was why he sold the house. But I think I would have hard time proving it when he can just use what you said as an excuse. 

Thank you for your reply. Unfortunately, my inspector did not note any evidence of roof issues or water damage on his report.  My inspector's contract had a lot of fine print preventing any liability on his behalf as well. 

Thank you for your answer. I believe in my state the seller must disclose any known issues with the house on the disclosure form. I tried talking to my inspector but unfortunately, his report had a lot of fine print preventing any liability on his behalf.