All Forum Posts by: Sean Gallagher

Well I see an edit feature on my phone hmm, yeh after a certain amount of time can no longer edit.  That's my fault, now post will be cluttered with misleading info ugh

it won't let me edit my post so anytime I put something in here and post it which turns out to be inaccurate info I cannot fix it?  I think he got confused with my dp %

Purchasing real estate is not cheap, there are a lot more fees than I was aware of.  No problem but eats into down payment.  After a pmi drop at a 6mo refi at maybe an equal rate or better, payments will be in the 600s with prop tax etc.. unless I pull money from it which there will be room for it.  Looking like 730/mo im at right now which is not bad at all.  Will try to get a better rate, he's offering 4.125 Rate @ 5% down conventional 

SO all preapproved, numbers are looking good, discussing all financing options tomorrow.. will let yas know what I lock in.

ok here are my numbers on the 120k prop for an fha, may wind up going conventional but we haven't discussed all options yet.

wells fargo, on the prop for 120k he's approximating about 10-11k with a min down payment and statutory cost.  Min dp at 4200. Will get a nice breakdown of everything but just got preapproved. Int rate 3-3.5%

Correction 10k range

On the phone with the mortgage consultant now.  Says I'm looking at 13,000-14,000 just in title fees, and statutory fees etc ahh

This loan you speak of/ purchasing this property first wouldn't this history trickle over to the 2nd property, I would now have to classify it as a 2nd home right and they'll see I have more debt compared to income meaning my financing terms may be a little more tough. 15-20% down possibly higher rate on 2nd property?  I think I would run out of cash  to satisfy their loan terms.  And I think in order for the bank to not use that rental townhome against me it would have to rent for at least 1 yr positive.  I'd hate to not lock this home in first with all the equity  

Definitely pressing forward on the property with decent equity and building from there, I was hoping I could also swing this townhome my offer was accepted on but unfortunately I cannot.