hello. Just a question to see if I am doing this deal right. I placed my investment and capital with a small local bank and have two deals with them so far. This last one is the first buy and hold and the mortgage is a variable rate after three years with a base of 5% from Prime plus 1%. And for 20 Years. I had planned on a 30 year to cash flow better but my banker said that is the best they can do since they are not that big. I don't have a problem with the 20 year note as it pays off 10 years sooner but I have never had a variable rate and it scares me a little. Last to note, this is in LLC, not a personally owned property. Thanks ever so much. Tom & Roni.
Will they do a 15 year fixed? I would do that over an ARM.
30 year fixed loans are conventional only. At least, I've never encountered a lender that would do them other than under conventional guidelines. And you can't get those for LLCs. If you want 30 year fixed, buy in your own name and get conventional loans. With the right lender you can go up to 10 mortgaged properties that way.
@Jon Holdman Thanks Jon!!!
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