Skip to content
Creative Real Estate Financing
Sergio Moratto's profile image
  • Flipper/Rehabber
  • from Miami Dade County, fl.
  • Member since Jun 11, 2015

User Stats

29
Posts
5
Votes
Sergio Moratto's profile image
  • Flipper/Rehabber
  • from Miami Dade County, fl.
  • Member since Jun 11, 2015
Sergio Moratto
  • Flipper/Rehabber
  • Miami Dade County, fl.
5
Votes |
29
Posts

LOKING FOR ADVICE.

Sergio Moratto
  • Flipper/Rehabber
  • Miami Dade County, fl.
Posted Mar 10 2023, 03:33


Good morning BP family,,

I am looking for advice on this new activity for my new purchase: I was approved by a funding company for $250,000 in the following terms: 

loan balance                           $ 250.000

Interest rate                              3%

loan term                                  30 years

Number of payments               360

Monthly loan repayment      $1.054 

Cumulative payments          $ 379.443

Total interest paid                  $ 129.343,60

To receive that deposit in my account I must pay a fee for 1125 to them to make it effective,

My question is: is that normal to be able to receive it?

Thank you for any advice you can give me, I'll be attentive.

Jaron Walling's profile image
Jaron Walling
Pro Member
  • Rental Property Investor
  • from Indianapolis, IN
  • Member since Jun 20, 2018

User Stats

3,832
Posts
3,511
Votes
Jaron Walling's profile image
Jaron Walling
Pro Member
  • Rental Property Investor
  • from Indianapolis, IN
  • Member since Jun 20, 2018
Jaron Walling
Pro Member
  • Rental Property Investor
  • Indianapolis, IN
3,511
Votes |
3,832
Posts
Jaron Walling
Pro Member
  • Rental Property Investor
  • Indianapolis, IN
Replied Mar 10 2023, 05:49

@Sergio Moratto I can guarantee you're not getting a 3% interest rate. I'd find out exactly who this "funding company" really is. Conventional income based loans, with good credit, from a local lender is double that right now. 

Is this a first time home buyer program? 

Steve Vaughan's profile image
  • #1 Personal Finance Contributor
  • Rental Property Investor
  • from East Wenatchee, WA
  • Member since Sep 19, 2014

User Stats

10,120
Posts
15,818
Votes
Steve Vaughan's profile image
  • #1 Personal Finance Contributor
  • Rental Property Investor
  • from East Wenatchee, WA
  • Member since Sep 19, 2014
Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
15,818
Votes |
10,120
Posts
Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied Mar 10 2023, 05:57
Quote from @Sergio Moratto:


Good morning BP family,,

I am looking for advice on this new activity for my new purchase: I was approved by a funding company for $250,000 in the following terms: 

loan balance                           $ 250.000

Interest rate                              3%

loan term                                  30 years

Number of payments               360

Monthly loan repayment      $1.054 

Cumulative payments          $ 379.443

Total interest paid                  $ 129.343,60

To receive that deposit in my account I must pay a fee for 1125 to them to make it effective,

My question is: is that normal to be able to receive it?

Thank you for any advice you can give me, I'll be attentive.


 This is a scam for sure.  Terms too far below market are fake. How are they able to offer you 3% in a 6% world?

Paying up front for anything besides the appraisal, after you get a house under contract, is a scam!

BiggerPockets logo
BiggerPockets
|
Sponsored
Find an investor-friendly agent in your market TODAY Get matched with our network of trusted, local, investor friendly agents in under 2 minutes
Christopher H.'s profile image
  • Lender
  • from Okanagan, BC
  • Member since Aug 16, 2017

User Stats

105
Posts
77
Votes
Christopher H.'s profile image
  • Lender
  • from Okanagan, BC
  • Member since Aug 16, 2017
Christopher H.
  • Lender
  • Okanagan, BC
77
Votes |
105
Posts
Christopher H.
  • Lender
  • Okanagan, BC
Replied Mar 10 2023, 06:56

Good job doing your due diligence... There is a few red flags here.  

Dennis Nguyen's profile image
Dennis Nguyen
Pro Member
  • Real Estate Agent
  • from Seattle, WA
  • Member since Oct 10, 2017

User Stats

149
Posts
75
Votes
Dennis Nguyen's profile image
Dennis Nguyen
Pro Member
  • Real Estate Agent
  • from Seattle, WA
  • Member since Oct 10, 2017
Dennis Nguyen
Pro Member
  • Real Estate Agent
  • Seattle, WA
75
Votes |
149
Posts
Dennis Nguyen
Pro Member
  • Real Estate Agent
  • Seattle, WA
Replied Mar 10 2023, 08:43

It sounds too good to be true. Get another quote from a local lender and you'll see how large of a difference it is. 

Joe Biscaha's profile image
  • Realtor
  • from Miami, FL
  • Member since Feb 15, 2019

User Stats

46
Posts
22
Votes
Joe Biscaha's profile image
  • Realtor
  • from Miami, FL
  • Member since Feb 15, 2019
Joe Biscaha
  • Realtor
  • Miami, FL
22
Votes |
46
Posts
Joe Biscaha
  • Realtor
  • Miami, FL
Replied Mar 10 2023, 09:26

Thanks for sharing and checking, thats what the form is for. As others have mentioned this doesn't sound legit. 

If this is a legitimate loan you should be able to ask for a Loan Estimate from the loan officer. I doubt you are getting a 3% rate. 

Sergio Moratto's profile image
  • Flipper/Rehabber
  • from Miami Dade County, fl.
  • Member since Jun 11, 2015

User Stats

29
Posts
5
Votes
Sergio Moratto's profile image
  • Flipper/Rehabber
  • from Miami Dade County, fl.
  • Member since Jun 11, 2015
Sergio Moratto
  • Flipper/Rehabber
  • Miami Dade County, fl.
5
Votes |
29
Posts
Sergio Moratto
  • Flipper/Rehabber
  • Miami Dade County, fl.
Replied Mar 10 2023, 16:27
Thank you very much for your invaluable information, thanks to: Jaron Wallings, Steve Vaughan, Christopher H, Denis Nguyen and Joe Biscaha for being here as advisors on the bigger Pockets Family. Thank you.