Refinance immediately after purchase loan close (investment prop)
Can i refinance immediately next day, after closing the purchase loan on investment property.
City: Jarrell, Texas - 76537
The local city lender which i picked has following :
Advantages:
1.)Can commit to close on time.
2.)Which means my earnest money of $10K is not at great risk.
3.)They have good network of appraisal folks, so they can get that in 1 week timeframe.
Disadvantages:
1.)Section A: origination fees, discount points and worst rate overall,
2.)No lender credit.
3.)Total $5K cost difference compared to online lender, along with 1% interest rate difference.
Online Lender: LoanDepot, Better.com, which provides competitive rates.
Local Lender: Keeping it anonymous in this forum.
Also, if it is allowed, can i bump up my interest rate way higher, so that my closing costs(A+B+C+E) are close to $0, so that immediate refinance will not cost be double closing costs?
Most Popular Reply
@Katie Greenman
Would you like me to lend you $100 to buy that broken ps5 so you can fix it and resell it on ebay? If so I want you pay me back the original $100 plus 8% due in 90 days. Instead of monthly payments I can roll the interest into the final payment and no payments are due for 90 days, that should give you enough time to fix it and sell it. Since I don’t know you that well I’m going to need $2 up front. Deal?