All Forum Posts by: Stacy Raskin

What state would the loan be for?

There are also fixed second mortgages available for investment properties that are 1-4 units. 

What state are you thinking of investing in?

@Tamera Muniz, what state are you in?

@Alexandra Arnhold, I work with a lender that does nonwarrantable condos. I'll send you a direct message. 

@Alon A., really it depends on what your goals are. A mortgage broker can help you find your best options as you will not be confined to just one lender's products and rates. Rates and products are similar across lenders but the cost can vary meaningfully. Banks like Chase and retail lenders like Rocket Mortgage generally charge more to the borrower for various reasons including to pay for their overhead costs which can run significantly higher than an individual mortgage broker or small team.

What state are you looking to buy?

@Michael Hunt, one of the big factors is your debt to income (DTI) ratio. Lenders will look at your total overall debt versus your monthly income and some will lend up to 42-43% and some will lend up to around 50% with a cost being built into the rate for the higher DTI.

Getting the residential property secured may be helpful depending on your income and debt situation. I'll send you a message as well. 

@Brian Bangs, what is the average price for each home? With that information, I can get a better idea as to what might be helpful due to different programs. 

@Jeffrey Schechter, your HELOC rate will partially depend on your loan to value (LTV) and your credit score. I work with a HELOC lender who does for example 7.75% plus the margin. The margin will be determined by your LTV and your credit score. They have a better pricing program for over 740 but you can qualify for the loan with a 660 credit score and above.

The LTV starts at below 60% and then in 5% increments so 60% or less LTV will help get you a better rate than a 65-70% rate which will help get a better rate than a 70-75% and so on.

Some clients I work with are using fixed second rate mortgages since the rate is fixed and they don't have to worry about their HELOC rate going up. I'll send you a message as well.

@Alexandra Arnhold, is your property your residence or an investment property? I'm asking as different loan programs apply.