Brrrr: Bank said they would refinance with a 15 yr mortgage

11 Replies

Spoke with a bank that doesn't require any "seasoning" before refinancing, however the mortgage would be amortized over 15yrs. Is this typical? This obviously would require higher monthly payments that would eat into my monthly cash flow calculations. Do I need to shop around more or is this standard? Thanks

If you plan to refinance within 6 months of purchase, check out the delayed financing option. Aimloan.com has it, although I have never used it myself - I was above the 10 financed properties limit by the time they came up with it...

For non-conforming loans, 15 year amortization is standard, and their interest rate is usually only fixed for the first 5 years.

Where I'm at in KC (which is probably pretty similar to where you're at in Oklahoma), it isn't uncommon. We usually get 20 year amms, but we have been offered only 15 sometimes. I think it's because the property values are lower, so the down payment feels too small and they want to have more principal paid off quicker. On the coasts, where prices are really expensive, banks understand that most homeowners just can't afford those higher payments, so they offer higher amms. 

The lenders I've spoke with for Florida have said 30yr so I would keep talking to more lenders and see.

@Paul Thompson I just finished a cash-out refi on a BRRRR and was able to get a 30 year amm. 75% LTV. LMK if you would like mortgage info. It's a local bank (right by Gaillardia)

#boomer

Appreciate everyone’s input. Barrett definitely shoot me the info when you can. Thanks

I bank with bbt and they told me 4 years ago on my first cash out that they only offered 15 year financing on an investment property cash out. I went across the street to first citizens and they offered a 30 year at 75% of appraised value. I did another cash out this July and went to bbt first again. This time they offered me a 30 year at 75% of appraised value. I'm in NC. I guess just call around. 

@Barrett Determan  Was this a traditional loan e.g. Fanny guidelines, or a portfolio/asset based loan?  If not a personal loan please DM me the info including rates and contact for the lender as well. 

(405) 561-1887
Originally posted by @JJ Gritts :

@Barrett Determan  Was this a traditional loan e.g. Fanny guidelines, or a portfolio/asset based loan?  If not a personal loan please DM me the info including rates and contact for the lender as well. 

I can't qualify for Traditional anymore... too many loans! :) I love portfolio bankers!

Originally posted by @Ron Harris :
Originally posted by @JJ Gritts:

@Barrett Determan  Was this a traditional loan e.g. Fanny guidelines, or a portfolio/asset based loan?  If not a personal loan please DM me the info including rates and contact for the lender as well. 

I can't qualify for Traditional anymore... too many loans! :) I love portfolio bankers!

Same issue....plus portfolios are so much easier than traditional! 

(405) 561-1887
Originally posted by @Ron Harris :
Originally posted by @JJ Gritts:

@Barrett Determan Was this a traditional loan e.g. Fanny guidelines, or a portfolio/asset based loan?  If not a personal loan please DM me the info including rates and contact for the lender as well. 

I can't qualify for Traditional anymore... too many loans! :) I love portfolio bankers!

 Traditionals are for us rookies so we can cash flow early without too much cash. 😬

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