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Started By
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re: Investment property interest rate?
Posted on 5/16/20 at 7:55 pm to tenderfoot tigah
Posted on 5/16/20 at 7:55 pm to tenderfoot tigah
quote:
Could you please tell us where you found these terms?
Truly stunned by the down votes. I did mine through Illios Mortgage. Property in Oxford, MS.
0
Posted on 5/16/20 at 9:40 pm to Athletix
Got 3.875 on a 30 yr 25% down investment loan, closed yesterday. 2k in points
Posted on 5/17/20 at 3:40 pm to SDVTiger
quote:
No major bank is financing a 40k loan
Even the little ones have become cocky
Posted on 8/17/20 at 3:59 pm to WarCamEagle
quote:
Got 3.875 on a 30 yr 25% down investment loan, closed yesterday. 2k in points
Where did you get these terms? Any suggestions on lenders that would offer something similar in Louisiana / Mississippi?
Posted on 8/17/20 at 4:06 pm to bbatta11
Live in it as a primary residence for a year and get that sweet sweet owner occupied financing
Posted on 8/17/20 at 4:11 pm to jimbeam
Mine in an LLC are all in the 5's. Smarter people here let me know if I can do better. Am told I may be able to drop in the mid 4's after reaching out to one contact.
Posted on 8/17/20 at 9:44 pm to MrJimBeam
Since this is my old thread... I ended up doing a 20% down 15 year @ 4.2% with a 2 year adjustable rate. Prime + 1 for life of loan. I will probably cash it out or pay it off before I ever really worry about the adjustable rate. 4.2% was by far the lowest I found for the small loan amount.
Posted on 8/18/20 at 10:12 am to Athletix
Sounds like a good deal.
Posted on 8/18/20 at 12:02 pm to Athletix
As a mortgage lender i am going to very honest right now, i would rather pay you to NOT apply with me than orginate this mortgage. No one wants this loan. It's a 48k house that probaly will not pass a conventional appraisal. If it does and then the loan offier is processing a sub 40k mortgage. Only a bank will do this loan, mortgage lenders have loan min just to stay away from loans like this. Good luck
Posted on 8/18/20 at 1:51 pm to hawkeye007
House appraised for 59000 on the front end. I’m pretty confident when I’m done it will appraise for 100-115. It doesn’t hurt my feelings that this house isn’t wanted by loan officers. It’s irrelevant. I needed one bank/lender to agree to loan me money, and I found multiple. Now when I go to cash out refi, I’ll be above everyone’s minimum loan amount. So, I shouldn’t have any issues securing a 15/20 year Conventional at around 4%.
Posted on 8/18/20 at 7:39 pm to Athletix
Was quoted 4% on single family rental, 30 yr amortization today.
Posted on 8/19/20 at 7:16 pm to bbatta11
What is the problem with saying what bank yall are working with? Concordia and Iberia bank are great for small loans. Rates last summer for me was 5.5, so I would expect 4.5 now.
Posted on 8/20/20 at 1:18 am to Rust Cohle
St. Landry Homestead Federal Savings Bank. Small local bank that keeps all loans in house, if that matters to anyone
Posted on 12/23/20 at 6:33 pm to Athletix
Bump.
What are people seeing currently for a 30 year fixed, 20% down on a 300K single, family home? 1st time potential investor here...
What are people seeing currently for a 30 year fixed, 20% down on a 300K single, family home? 1st time potential investor here...
Posted on 12/24/20 at 1:15 pm to jimbeam
quote:
Live in it as a primary residence for a year and get that sweet sweet owner occupied financing
That’s exactly how I got started in investment real estate back in the 80s. If you’re flexible (and probably single), I still think that’s the way to go for beginners... or even more established investors.
Posted on 12/25/20 at 7:58 am to bgbam07
If you are going to use the property at all, a handful of banks will let you get it as a second home (some refuse to do this if you rent it even for a day). I got a condo for 2.625 no points. 30 year
Posted on 12/25/20 at 10:25 am to AndyJ
quote:
I got a condo for 2.625 no points. 30 year
Was this recent and do you have a mortgage on a primary residence, too? TIA
Posted on 12/25/20 at 10:31 am to go ta hell ole miss
I locked in last week. And yes I own a house. I did it with Hancock Whitney
Posted on 12/25/20 at 6:20 pm to AndyJ
Thanks.
Posted on 12/26/20 at 4:37 pm to bgbam07
I just refi’d an investment property (house) at 3.375. For comparison, at the same time I refi’d primary residence at 2.875. Both 30 year 20 down.
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