And the deal is complete
Finally finished the refinance today. I was able to get a 30 year fixed, 5.875% note on the property. I'm pretty satisifed with those terms.
If you've been following this story, you recall I paid $70,550 for this house. I went through all the receipts a couple of weeks ago and the rehab costs were just under $14K. We originally thought this would be worth about $130K fixedup, but then revised that downward after a preliminary appraisal. The before appraisal came in at $120K, assuming the repairs as planned. The after appraisal came in at $135K. I know that surprised me and I think it surprised everyone else involved. Nevertheless, I'm very pleased. The refi amount was $88K, which covered paying off the HML and most of the costs for the refi. Altogether I'm out of pocket about $8,000 on this deal and have a $88K, 65% LTV loan.
Now off to the next thing.
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- "I was referred to Cherry Creek Mortgage Company by my har..."
from Jon Holdman, on And the deal is complete - "Congratulations...
Can you share how you found your f..."
from Peter Giardini, on And the deal is complete - "Congratulations Jon and thanks for sharing!!"
from Ted Harris, on And the deal is complete - "Yes, its a rental. Currently rented for $1150."
from Jon Holdman, on And the deal is complete - "Nice appraisal. Keeping it for a rental? How much will ..."
from Jon Klaus, on And the deal is complete
about 1 month ago
Sounds tasty, Jon! Congrats on the refi and on the successful rehab. I'm looking forward to hearing about the next one!
about 1 month ago
Nice appraisal. Keeping it for a rental? How much will it rent for?
about 1 month ago
Yes, its a rental. Currently rented for $1150.
about 1 month ago
Congratulations Jon and thanks for sharing!!
about 1 month ago
Congratulations...
Can you share how you found your financing and also if you had to season the title to get this done as a conventional loan?
about 1 month ago
I was referred to Cherry Creek Mortgage Company by my hard money broker. Not sure about seasoning, but I was able to do this refi in about four and a half months from the initial purchase, using a new appraisal.