Just did 3 Loans and working on 4th know. First 3 where cash out refi's 3.5% to 3.6% with 75% LTV Rates can be different by location as my property in AZ had a lower rate then my properties in IL The forth I am working on now is for a purchase 75% LTV 3.5%
Basically my finance guy told me you get the best rate with 25% down There is no benefit with any additional down and rate doesn't change by higher credit score once you are over 740. Rates change as you reduce the amount of down payment and bank assumes more risk on the loan 20% down you need to add ~.5% to the rate so he was saying 4 to 4.125 at 10% down the rate was right at 5% as I recall.
Since I am a buy and hold investor I prefer the lower rate for the long term. If I was a short term investor I would put as little down as possible and price the increase rate into my short term holding cost. Just my 2 cents on the subject. Hope that helps someone.
If you have any question please feel free to reach out to me would love to connect with other investors and help anyway I can.
To answer your question yes I did I have a file that has all required info in it an soon as they ask I upload the file. They only thing I typically have to update is current pay stubs.
I seems to be an easy process once you know specifically what they want or are going to be requesting.
Only thing driving me nuts now is the amount of time it is taking to get to closing typically 45 days.
I prefer 30 or less but with everyone refinancing now they are over whelmed with work and as he puts it they are all drinking from a fire hose.
Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
5y
@Jeffrey Klawitter - got it, thanks. So, you really aren't the target market for my post or our services. Most Investors on this site can't show Tax Returns, Pay Stubs, Bank Statements, etc....thus, if you clicked the link, our funding services are "No tax returns, No bank statements, and No proof of income".
Most investors are 1099 and always show a Loss on their returns, thus making them "not bankable" with traditional banks. In addition, most traditional banks limit the number of investment rentals to 10, per client, due to Debt-to-Income requirements.
Our private funding has NO debt-to-income requirements, thus our Investors can own 50, 100, 2000+ rentals, as we underwrite the performance of the Asset only.
Hence, our rates are a little higher, but still very good.