i reside in North Bergen, NJ 07047 i’m trying to refinance to purchase an investment property but i don’t want to lose my low APR rate for a higher rate. i currently have a 5.25 on my 1st mortgage and a 5.8 on my second. lenders now are charging ridiculous closing cost $3,000-6,000. what is the best way to purchase an investment property without messing with my current loans?

If you have good rates and can afford the payments, I don’t see how refinancing would make it any easier to purchase investment property. If you have cash on hand of course you could use that, or take out equity on your other home.

Shop around for the best terms and programs. You’re probably going to have to put something down, so if you can’t get the cash, start saving.

Have you heard of OptAmerica?

I went through Suntrust first to refinance my rental property. They told me it’s hard to get cash out with an investment property. I then went through Lending Tree, and Opt America sent me a Good Faith Estimate which looks WAY better than what Suntrust was offering me. I’m wondering what the difference could be. With Suntrust, I have to pay a 1% origination fee, .375 discount point, getting only $3000 cash back. With OptAmerica, there is no origination fee, no discount point, no prepayment penalty, and $8,000 cash back. Whats the catch?

Multiply the 1% origination fee and the .375 discount x your loan amount… total sum of both. That is where your money is going Suntrust is eating up your cashout with in-house fees. The OptAmerica is the better loan if your objective is cash out and not the rate.

I own a home which I now rent out due to having financial problems due to a few different reasons. Basically, I ended up with a really bad mortgage loan (yes, I have learned my lesson so please, no lectures). I put renters in it cuz I could not get the home sold due to bad housing market in my town. The rates on the loan will reset in a year and I am scared to death my payments will jump. Even with renters in it I won’t be able to afford the home and I do not want to foreclose with innocent people in my home. I have decided after their lease is up I will probably just let the house go and foreclose. I have tried to get my current mortgage company to help me but so far no luck. I am hoping someone knows a good company that would allow me to refinance my rental property to get my into a fixed rate. The mortgage balance is around $174,000 and it is worth only 179,000 and I only make about $33,000 a year before taxes. My mortgage payment is $1400 and I rent it out for $1245.

You might try a broker who can go direct to the big seller servicers. They MAY have a 95% LTV for you, but more likely 90%.

GREAT Cash Flow potential here! Minimal cosmetic repair needed on this 3br/2ba goldmine! For more information, please visit http://MemphisInvestorRehabs.com/

Duration : 4 min 4 sec

Read the rest of this entry

Technorati Tags: memphis

the refinanced amount owed to the bank. Which may be $20 to $30K higher than the original price due to so much equity in the property.

It will be based on the original purchase price, plus the cost of any improvements you’ve made. Save those receipts!

Yes, You may be eligible if:

The loan on your property is owned or guaranteed by Fannie Mae or Freddie Mac (Don’t know? See below);
At the time you apply, you are current on your mortgage payments ("current" generally means that you have not been more than 30 days late on your mortgage payment in the last 12 months, or, if you have had the loan for less than 12 months, you have never missed a payment);
The amount you owe on your first lien mortgage does not exceed 125 percent of the current market value of your property;
You have a reasonable ability to pay the new mortgage payments; and
The refinance improves the long term affordability or stability of your loan.

http://www.columbusinvestmentpropertyblog.org/ – Great Turn Key Deal” 3060 Norwood St. in a nice and quiet neighborhood in the north end of Columbus. 3 bed 1bath, 1234sq fenced in back yard. Tenant is in place and would like to eventually buy.. Auditor value is 4,100 purchase price is 9,900, that’s heavily discounted, 50-60 cents on the Dollar!!!! Could sell back to tenant on Lease Option/Land Contract for 85-94k…that’s a 30-40k PROFIT No Brainier deal….will not last long.”Make OFFER TODAY!!!”

Duration : 3 min 56 sec

Read the rest of this entry

Technorati Tags: columbus