All Forum Posts by: Alan Lacey

@Alejandro Garcia dont commit fraud to save a bit of interest. The mortgage on primary residence indicates you will occupy as property for 1 year. Not intend to occupy or will probably occupy just occupy.

@Amy Bethtypically they would order disaster inspection or 1004 d from appraiser. I have never heard of a lender (25 years in lending) needing something from insurer. Not that it is impossible mind you, but typically something involving appraisal.

@Laura Guy Doesn’t that 12 percent number include those who sold to take advantage of the hot market to sell their homes? I haven’t heard that the Biden administration want to overturn single family zoning laws nationally, but presuming that was a goal it would be the single biggest role back of government intervention in property rights in recent memory. If highest and best use isn’t single family then those zoning regs interfere with the free market economy.

@Joe S.As another pointed out on residential loan you typically are not the owner of the appraisal the lender is, but typically lender gets it to your as soon as it is complete because federal lending guidelines require you receive appraisal at least three business days prior to closing unless your waive that timing requirement. There is no state law that preempts appraisal timing requirements, but if commercial that wouldn’t apply.

@Tyler George Better may not offer, and most Better LO’s are new to industry and never have worked for another lender so may just assume anything they can’t do no other lender can do.

@Mike Stone this podcast just did a series on tax strategies for STR they provide good content. Hope it helps. https://soundcloud.com/therealestatecpa

@Jason Lemus second home loan is vacation loan, but you are indicating that it will be a rental which is not the same thing. Second home/vacation loan has to be used primarily for individual use for first year you own the home.

it if federal regulation not state regulation. Look up TCPA.

@Artur A. Better usually has aggressive rates so that seems high unless. However I probably wouldn’t use them unless you have very straightforward loan scenario, and would probably work with a Redfin agent with reviews you can see if you are looking for rebate

@Michael Cote the spread between arm and fixed hasn’t made sense for more than handful of days in last few years unless talking about jumbo loans. Also if you aren’t looking at at least a 7 year arm can compromise buying power because 5 year arm tou have to qualify at a rate above note rate