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Paging all Real Estate Investors - Topic: Mortgages
Posted on 4/22/21 at 2:57 pm
Posted on 4/22/21 at 2:57 pm
On bigger pockets etc, I'm always reading that people are getting 30 year mortgages on rental properties.. Can someone direct me to where they are getting these? All of mine are portfolio loans through a private bank at 20 year amortizations on a 7 year loan then refinance.
5
Posted on 4/22/21 at 3:26 pm to b-rab2
Live in the property as your primary residence for one year and then rent it out.
Posted on 4/22/21 at 4:08 pm to Paul Allen
Nope not doing that. Hard to do that when you are scaling up and have a handful of properties.
This post was edited on 4/22/21 at 4:09 pm
Posted on 4/22/21 at 4:23 pm to b-rab2
Several people do it. It’s not that difficult.
Posted on 4/22/21 at 4:28 pm to Paul Allen
Paul - Thats great, I'm not moving my family into 2 bed 2 bath houses and moving them around every year. I have my personal house and then I have a rental business on the side. I'm not house hacking.
Posted on 4/22/21 at 4:29 pm to b-rab2
It was merely a suggestion.
Posted on 4/22/21 at 5:15 pm to b-rab2
I've gotten all my rental property mortgages through a mortgage broker. All of mine are on 15 year loans but 30 was definitely an option I could have chosen.
Posted on 4/22/21 at 5:33 pm to HBomb
Thank you. What type of rates were you getting?
Posted on 4/22/21 at 7:50 pm to b-rab2
Somewhere between 4.25-4.75. Because it’s an investment property I think it’s usually just one point higher than prime.
Posted on 4/22/21 at 8:54 pm to HBomb
Thanks again.
Posted on 4/22/21 at 9:10 pm to b-rab2
Everyone has 30yrs
Conv rates are in the 3s if u can qualify
Or find Non QM lender that only need a lease to qual on Investment properties
Conv rates are in the 3s if u can qualify
Or find Non QM lender that only need a lease to qual on Investment properties
Posted on 4/22/21 at 10:06 pm to b-rab2
I bought 2 recently with 30 year amortization. One was a 3% rate and another was 3.25. Both done through a mortgage broker. The rates may have come up some since then, but previous to this I was buying in the 4.5 to 4.75 range.
Posted on 4/23/21 at 8:05 am to b-rab2
Due to new regulations put in over a month ago, you are seeing over 4% rates on investment properties. And yes, you can do 30 year, 20 year or 15 year on investment properties. Depending on where you live, I can give you some names who I know carry these loan products.
Posted on 4/23/21 at 8:13 am to TMFBB21
My mortgage guy said the interest rates for second/investment homes are going to be extremely variable since the changes last month. Basically, Freddie/Fannie have capped the percentage of these types of mortgages for companies. So if a mortgage company is at their 10% cap, they basically don’t want anymore investment home mortgages and will raise rates to drive business away. You will only see a low rate if they somehow drop below their cap percentage. This is how it was explained to me before I locked in 2.5% on a second home last month. I was told to expect it would be 1-2 percent higher if I didn’t lock it before the fed changes kicked in.
This post was edited on 4/23/21 at 9:16 am
Posted on 4/23/21 at 8:25 am to b-rab2
I’ve always gotten 30 year notes. And no I’ve never had to live in it first either.
Posted on 4/23/21 at 9:42 am to TMFBB21
Yes Please. I wasn't able to find one around the shreveport/bossier area when was looking last year. I'm about to close on my 3rd property and would like to dig around a little more for better terms/rates. The 20 year am on a 7 year loan isn't terrible, but if I could do 30 it would better.
Posted on 4/23/21 at 10:53 am to Fat Bastard
What's the minimum down usually for investment properties?
This post was edited on 4/23/21 at 10:57 am
Posted on 4/23/21 at 11:01 am to b-rab2
In Shreveport locally, Stephen Magyar is a great guy with Assurance Financial - Cell is 318-658-2412
I live in Baton Rouge, but can lend in Louisiana and give you a quick quote for comparison. My email is my user name @gmail.com
I have access to see who is the top lender in Shreveport and Chad Gulledge with Standard Mortgage. Has to be first for a reason - (318) 869-4444
Options are good to get the best rate
I live in Baton Rouge, but can lend in Louisiana and give you a quick quote for comparison. My email is my user name @gmail.com
I have access to see who is the top lender in Shreveport and Chad Gulledge with Standard Mortgage. Has to be first for a reason - (318) 869-4444
Options are good to get the best rate
Posted on 4/23/21 at 11:04 am to 21JumpStreet
Depends on how many investment units you own and the investor but it can range between 75% LTV and 85% LTV
Posted on 4/23/21 at 11:45 am to TMFBB21
great! thanks for the contacts
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