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Forums » Bankers, Lenders, and Mortgage Brokers » Cash-out non-owner?

Cash-out non-owner? Subscribe to Cash-out non-owner?

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B S

· Kansas City, Kansas


Forum_avatar_avatar-bartstop

Dec 03 '08, 05:21 AM

I have a rental property that I paid cash for. Now that the rehab is done and I have a tenant, I'm looking to finance it. I've been talking to an affiliate of Wells-Fargo. The good faith she sent me shows $0 origination fee, 2.75 points and a rate of 7.25%. I know things have changed in the last couple months but are lenders requiring that you to buy points? $3,261 + prepaids seems high to me. What do you all think?

Edited: 06/26/2010 at 06:32AM


Ben Carmona

· Wentzville/St. Louis, Missouri


Forum_avatar_avatar-investment_loan

Dec 04 '08, 11:38 AM

I was looking at doing a purchase loan for a customer. Their terms sounded similar to yours + I still had to add on my broker fees. Rate was a little lower though. It sounds like you're going through the Wells retail office. If they're are showing the 2.75 as discount points then its probably legitimate. It's costing the bank themselves 2.75pts just to get that rate for you. If they went with a lower rate you'd pay more discount points; if they went with a higher rate (which is probably not availabl) then you'd you get less points.

The big issue is if the Wells rep realizes that there is no seasoning for this and can they really deliver a cash out loan. If this is just a normal conventional loan then they're probably not aware the guidelines have changed.

You should look into commercial loans. There may not be seasoning with the local bank + the cost would probably be less.

Edited: 06/26/2010 at 06:33AM




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