Cash out refi on 7th single family home April 2021

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Cash out refi on 7th single family home April 2021

Terry Jacobsen
Investor · University Place, WA · Member since 2015 · 23 posts · 9 votes

I am looking at doing a cash out refi on number 7. No problem, but want to charge 5000 dollars at 4.65 % 30 year fixed. April 2021



It was recently announced that Fannie Mae and Freddie Mac were being directed by the Treasury to reduce their risk exposure for certain types of loan transactions that they acquire. The result of this requirement is that Fannie/Freddie will be limiting the amount of Investment property and 2nd Home transactions they will purchase on a monthly basis beginning April 1st.

They say this is why the fees have gone up.  Is this what people are finding?

Regards Terry

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Monica Bynum
Real Estate Agent · Memphis, TN · Member since 2019 · 76 posts · 39 votes
5y

Yes, this is happening. I agree with shopping the rates. I had one of my lenders call and discuss with me because I deal with a ton of investors from all over the world in Memphis, Tn. It’s best to shop around! 

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  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    5y

    @Terry Jacobsen..this is what's happening. You might want to shop it a little bit though if you actually qualify conventionally.  I'm still seeing rates in the 3's, if everything else is solid.

    Jared Rine United Lending Partners53 Reviews
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  • Monica Bynum
    Real Estate Agent · Memphis, TN · Member since 2019 · 76 posts · 39 votes
    5y

    Yes, this is happening. I agree with shopping the rates. I had one of my lenders call and discuss with me because I deal with a ton of investors from all over the world in Memphis, Tn. It’s best to shop around! 

    2Reply
  • Terry Jacobsen
    OP
    Investor · University Place, WA · Member since 2015 · 23 posts · 9 votes
    5y

    Thanks.  I am going to check around some more tommorow.  

    0Reply
  • Chaz Desousa
    Investor · Memphis, TN · Member since 2017 · 46 posts · 15 votes
    5y

    @Monica Bynum got any multy family deals in memphis?

    1Reply
  • Dean HarrisBusiness Member
    Real Estate Agent · Memphis, TN · Member since 2015 · 1k+ posts · 1k+ votes
    5y

    We all knew this was coming. Make adjustments, buy it right and keep plowing ahead. I closed 36 investment deals with OOS investors in March and bought two for my portfolio. Just adapt and stay the course. 

    CrestCore Realty4.713 Reviews
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  • Monica Bynum
    Real Estate Agent · Memphis, TN · Member since 2019 · 76 posts · 39 votes
    5y
    Originally posted by @Chaz Desousa:

    @Monica Bynum got any multy family deals in memphis?

    0Reply
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