All Forum Posts by: Austin Clarence

 I have worked with Mason Weiss before and I can attest to his expertise as an investor friendly agent. He is an investor himself, closes deals monthly, this is his specialty 

Hi Suzanne, I am assuming you own this property and exploring options for a cash out refinance? Or are you looking to purchase it? 

With a good LTV ratio (solid amount of equity) and decent credit score there will be some options, although it will be limited because of how much is going on, on this property. I look forward to learning more about what specifically you are looking to do

It has become a lot more uncommon to use a big bank for a mortgage. They used to do about 80% of the volume just 15-20 years ago. Now its probably closer to 25%. Big banks and banks in general often do offer great terms for jumbo loans, especially if you are willing to bring your assets over under their management. 

So if you are getting a standard Conventional or FHA mortgage I would reach out to a mortgage broker or retail loan officer first. Banks often are known for having worse service, poor technology and processes.

Hi Johnny, this seems fairly high. Pricing has worsened in the past 5 days since you originally posted this but with the pricing I am seeing you would be saving $850+ a month on this. Would love to connect if you wanted a formal quote 

Keep in mind you would need the rent to cover the PITIA payment, which has become more challenging even with 20-25% down payments. 15% down is limited but exists, 20%+ is more common and gives much better terms. 

Not quite I love DSCR loans, there are a lot of DSCR options that do not have prepayment penalties. I meant to say I would not settle for a DSCR loan with a prepayment penalty* in this market. You are handcuffing yourself to the higher rate and will miss refinance opportunities.

There are a lot of DSCR options that do not have prepayment penalties. I personally would not settled for a DSCR loan in this market and put myself in a position where I am unable to refinance.

What is the acreage? Are there any comps? I would say 75% would be fair but maybe even 80% depending on the answers above

 Ok got it, my minimum is $35k. 

Banks or credit unions often offer ARM programs and 25 year programs. But most DSCR options are typically 30 year fixed programs. You can try contacting