Reality Vs. Expectations
It's been a week since I started listening the BP podcast. Currently reading the book by Brandon. I knew close to nothing. So I figured I would reach out to quicken loans for a discussion. Hoping for a little analysis on what I was told. Some of what I was told lines up with what I was expecting.
- Investment property not being lived in by by me will see a penalty in the form of a higher rate. Most will be around 5% but he can get 4.85%.
- I will need at least 25% down.
- I will want down payment back over the course of 2-3 years.
- It is hard to get a loan for under $180K. "The reason why is because of the rules that surround how much loans can actually cost. Naturally when looking at investments they cost more to you because they are riskier. Certain things will still cost the exact same regardless of loan size, such as, Lender origination, title work ect. As we are inside of the legal threshold we can originate the mortgage for you, If it’s not then we wouldn’t be able to do that."