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Private Lending & Conventional Mortgage Advice

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Looking for the best product type for Refi at current rental

Posted Mar 14 2024, 18:33

Hi - I am looking for a cash out refi for a SFH that we bought in all cash about a year ago. I am looking for the best options to get a long term rate around 7%. Is this realistic in today's interest rate environment?

Location: Northwest Ohio

Purchase Price: $160K

Rent: $1470

Thanks!

Parker

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Andrew Zamboroski
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Replied Mar 14 2024, 20:24
Quote from @Parker Ernsthausen:

Hi - I am looking for a cash out refi for a SFH that we bought in all cash about a year ago. I am looking for the best options to get a long term rate around 7%. Is this realistic in today's interest rate environment?

Location: Northwest Ohio

Purchase Price: $160K

Rent: $1470

Thanks!

Parker

There’s potential to get close to there. We have quoted some DSCR’s lately in the low 7’s when credit was good!

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Jeff Prow
  • Lender
  • United States
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Jeff Prow
  • Lender
  • United States
Replied Mar 15 2024, 10:18

There are several different options, not sure about 7% but there are some options to off set the rate to reduce interest.  The All In One would definitely be a good fit.

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Simmy Ahluwalia
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Simmy Ahluwalia
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  • Lender
  • Atlanta, GA
Replied Mar 19 2024, 15:30

Yep, depending upon your LTV, 7%-ish is doable. Reach out.

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Jacob Sherman
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Jacob Sherman
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  • 12 Penns Trail Suite 138 Newtown, PA 18940
Replied Mar 19 2024, 16:51

What credit score to you have ? How much is the rent ? 

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Givo Aghasi
  • Lender
  • Los Angeles, CA
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Givo Aghasi
  • Lender
  • Los Angeles, CA
Replied Mar 21 2024, 09:56

@Parker Ernsthausen Yes, depending on your fico score and LTV. Would love to connect.



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Robin Simon#1 Mortgage Brokers & Lenders Contributor
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Robin Simon#1 Mortgage Brokers & Lenders Contributor
  • Lender
  • Austin, TX
Replied Mar 22 2024, 05:46

Property Value?  It can be tough right now to finance low value properties unfortunatley