Darrell Crosgrove
Closing costs -- HOW MUCH???
20 October 2018 | 10 replies
(with any personal info blacked out)There is prepaid interest (from closing date to the end of the month), interest on the old loan until it's paid off, possibly a new escrow account for taxes and insurance, credit report fee, appraisal fee, title insurance (yes even though title is not being transferred there is always a new lender policy issued).
Sara C.
Need super smart numbers people! BRRRR calc done wrong?
19 October 2018 | 1 reply
These are the numbers from the mortgage company:Closing Costs: $8,679.11 (half of this is lender points for a lower interest rate)Prepaid/Escrows: $2,211.79Payoff: $130,189 (this is the loan I took out to purchase the home initially before renovating, I put down $23,025 which was 15%)Total funds to Close: $141,079.90Loan amount (75% LTV based on $240,000 appraisal): $180,000Total Due at closing: $38,920.10Help!
Tim Hocker
My Plan to Finance my First Deal; realistic or fantasy?
20 September 2018 | 10 replies
I am in process of buying an $87k property with 15% down; closing cost plus prepaid taxes and insurance will mean my OOP cash is about $18k.
Keivon Anthony Sassu
Closin hud help hard money
20 September 2018 | 0 replies
Prepaids $4,163.11 $3,866.00 01 Homeowner's Insurance Premium (12 mo.) 02Mortgage Insurance Premium ( mo.) to Investor Lending USA $297.11 03Prepaid Interest ($27.01 per day from 9/20/2018 to 10/1/2018) 04Property Taxes ( mo.) 05 G.
Susan Shen
Does property management com have right to hold last month's rent
23 September 2018 | 16 replies
You appear to be a property manager so I'm willing to bet you follow this same process.You appear to live in Pennsylvania so I will tell you what your state law says: Prepaid Rent: A landlord is only allowed to collect up to 2 month’s rent for escrow purposes, 1 month’s rent during any subsequent years. (68 P.S. §§250.511a.)A recent ruling in PA makes clear that it doesn't matter if you call it prepaid rent or last month's rent or security deposit.
Lesley Resnick
My step by step BRRRR
2 September 2019 | 114 replies
There were other fees for the closing, tax, prepaid that ate up the $1010.The rate is 7.8%.
Nolan M.
Best way to cash out Refi a BRRRR
25 September 2018 | 3 replies
Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction.Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan.The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).All other cash-out refinance eligibility requirements are met.
Pavan Kovvuri
Can I re-rent while current leaves the house after paying ?
6 October 2018 | 15 replies
Since your previous tenant had already pre-paid the final month's rent (November) in full, you'd actually owe him a partial refund for the pro-rated month of November because you ended up finding another paying tenant for part of that month (the 15th-30th).
Matt Rathburn
Who pays for Due Diligence?
29 June 2018 | 3 replies
You realize you’ll have probably 3-6% closing cost and pre paids.
Rijm D.
Local Bank HELOC at 3.99% 10y. Better offers?
2 July 2018 | 3 replies
If prepaid, it goes back into the equity I can borrow against again.