All Forum Posts by: Tom Server
Tom Server has started 52 posts and replied 117 times.
Any suggestions on managing my property while living 2 hours away?
Post: Commercial loan VS Conventional loan
- Posts 117
- Votes 26
So I'm buying a 3 family home..$250,000 in NJ , I'M taking a conventional investment loan 30 year with 25% down non owner occupied.
Did a lot of browsing around with different lenders.
So this rate was the best rate I got from shopping around from 4 or so lenders
7.49% (discount points of 2.83% of $187,500... $5306.25)
7.85%APR
Talking to other investors, they keep telling me, I shouldn't buy the points, cause you're throwing the money up front away if you're planning to refinance in 3 years.
Speaking to the all the lenders they all are telling me I am forced to purchase point.
So now im being told I should look at a commercial loan.. I am not familiar with a commercial loan is their any benefit using a commercial loan?
thanks
Post: Credit score different
- Posts 117
- Votes 26
Quote from @Caroline Gerardo:
I gave you a detailed answer and @Doug Smith gave you the Readers Digest version
The ONLY place a consumer can get their Tri-merged mortgage report is from a licensed lender who paid for it. A consumer cannot access. Get the report from Sofi. I can explain line by line the difference of your 30 page report and a consumer one that is 2 pages or only scores.
It doesnt make sense to me to have the mortgage report from equifax show 695 and then the when i got on the equifax site and show 817... if it were a few points different i get it but its 122 points different
Post: Credit score different
- Posts 117
- Votes 26
Quote from @Doug Smith:
Quote from @Tom Server:
Quote from @Doug Smith:
Quote from @Tom Server:
So I always thrived on having good credit.. I use credit karma and I go to the major company sites to view my score. I applied for a mortgage for SOFI they sent me a letter with my credit score got sent. My credit score on the letter was a 695 for Equifax with a 9/20 date... I went to the Equifax website and my score was a 817. I called Equifax to question why Sofi would show a 695 score and on the site I show a 817.. she said Sofi was using old data, and to tell them to call to confirm the up to date data.. is this true? Can the score really be that much different?
Credit Karma is a joke within the lender community. If I had a dime for every time someone said to me "but Credit Karma said...". There are several scoring models that are used for different purposes. Mortgage pulls are different than credit card pulls. The models are different, therefore, so are the scores. myFICO.com actually has multiple scores (I have no affilation with them).
so where does one get their score ?
There are many different models for different situations. There is one for mortgage, one for auto, etc. Credit Kharma is usually a credit card score, which tends to be higher. They a simply different models. They are always being tweaked, updated, and changed. As I mentioned before, I have no interest in myFICO.com, but they show multiple scores and will show your mortgage score. I've found it to be the most accurate available to consumers, but there is a fee. You can also go do the credit reporting agencies directly and, by law, they have to give you a free copy each year, but they often don't give you the score. Those are places to go for your score.
so my point exactly.. I went to the actually website of the credit agencies to look at my scores and they did not match with what the lender sent me with my results
Post: Credit score different
- Posts 117
- Votes 26
Quote from @Doug Smith:
Quote from @Tom Server:
So I always thrived on having good credit.. I use credit karma and I go to the major company sites to view my score. I applied for a mortgage for SOFI they sent me a letter with my credit score got sent. My credit score on the letter was a 695 for Equifax with a 9/20 date... I went to the Equifax website and my score was a 817. I called Equifax to question why Sofi would show a 695 score and on the site I show a 817.. she said Sofi was using old data, and to tell them to call to confirm the up to date data.. is this true? Can the score really be that much different?
Credit Karma is a joke within the lender community. If I had a dime for every time someone said to me "but Credit Karma said...". There are several scoring models that are used for different purposes. Mortgage pulls are different than credit card pulls. The models are different, therefore, so are the scores. myFICO.com actually has multiple scores (I have no affilation with them).
so where does one get their score ?
Post: Credit score different
- Posts 117
- Votes 26
If i go to all 3 major credit sites, each site- Transunion, Experian, Equifax.. all my scores show over 800. When I received I asked my mortgage lender he said my score was 725. I had the report sent to me and on the paper it had the 3 site- Transunion- 725, Experian 725, Equifax 695.. how is that possible ? And yes when I called Equifax they said they are using old data, and for me to have them lender call Equifax..
Post: Credit score different
- Posts 117
- Votes 26
So I always thrived on having good credit.. I use credit karma and I go to the major company sites to view my score. I applied for a mortgage for SOFI they sent me a letter with my credit score got sent. My credit score on the letter was a 695 for Equifax with a 9/20 date... I went to the Equifax website and my score was a 817. I called Equifax to question why Sofi would show a 695 score and on the site I show a 817.. she said Sofi was using old data, and to tell them to call to confirm the up to date data.. is this true? Can the score really be that much different?
Post: owner occupied or non owner occupied
- Posts 117
- Votes 26
Quote from @Ryan Muska:
Quote from @Tom Server:
Quote from @Ryan Muska:
How long are the leases up for?
When do you plan on closing?
Leases are currently month to month but the unit I would want to live in is a Sec 8 rental
Closing is planned for nov 17th
Not entirely familiar with the reason you can't remove a section 8 tenant. At any rate, why not move into one of the other units?
other units are 2br, the section 8 is a 1br
Post: owner occupied or non owner occupied
- Posts 117
- Votes 26
Quote from @David Ramirez:
Quote from @Tom Server:
Quote from @David Ramirez:
I'd enter into a purchase agreement with the seller where one of the clauses specifies that one of the units must be vacant by closing. You could set the closing date to "on or before 2 months" to give the tenant enough time to vacate and find a new place.
I dont like that, cause then this will hold up the sale of the property if they cant evict the tenant
Why would they have to evict them? Are they paying rent?
Typically, lease agreements have a section that states the terms for a breach of contract by the seller. In most cases, they are permitted to ask the tenant to vacate with a specified notice, usually between 30 to 45 days.
Post: owner occupied or non owner occupied
- Posts 117
- Votes 26
Quote from @David Ramirez:
I'd enter into a purchase agreement with the seller where one of the clauses specifies that one of the units must be vacant by closing. You could set the closing date to "on or before 2 months" to give the tenant enough time to vacate and find a new place.
I dont like that, cause then this will hold up the sale of the property if they cant evict the tenant