All Forum Posts by: David Kelly

@Patrick Orah

I would make sure that the lender is looking at all options. Do you know what your debt to income ratio is? Can any liabilities be removed from your credit report by paying them off? Do you have student loan debt that shows up? If so it's possible to use a smaller payment to qualify with Freddie Mac. Has the lender shopped around for mortgage insurance? How about homeowners insurance? All of these can help lower your DTI. 

@Patrick Orah

I would make sure that the lender is looking at all options. Do you know what your debt to income ratio is? Can any liabilities be removed from your credit report by paying them off? Do you have student loan debt that shows up? If so it's possible to use a smaller payment to qualify with Freddie Mac. Has the lender shopped around for mortgage insurance? How about homeowners insurance? All of these can help lower your DTI. 

@Ari Hadar

A rate term refinance rate is less than a cash out rate. Doing a cash out refinance is sometimes smart because you can use that money to pay off higher interest-rate debt or acquire new properties. 

A rate term refinance csn be a good idea for anyone that has a rate in the mid threes or above right now. You want to look at the costs involved to do it and how long it will take to recoup those costs by the savings you get.  if it costs you 3k to do a refinance and you are saving $250 a month then it would take 12 months to make it back. Depending on how long you plan to stay in the home and how many months it takes to recoup the cost, that is how you know if you should move forward. Most Refis require no cash at closing. You just roll it into the loan.

@Jason Bausman

These rates seem very costly, but to know for sure I would need to know a little more. Send me a PM to keep the qualifying info private if you would like a second look.

@April Sharp

As far as I am concerned an investment property is just an investment property until we bring taxes into the deal. If you can qualify for the refinance based on only your jobs income then there is no need for taxes. Unless however you are more than 50% commissioned or a 1099 employee that would require taxes. If you don’t need to use rental income, feel free to reach out with more questions. 

@Jessie Xu

Find a national lender like myself that will do both at the same time. We would just want to include both properties on your qualification to make sure your debt to income falls in line. Seperate closings are fine as well.

@Rudolph T.

You will see my response in that other thread you were on. 

@James Henderson

The right bank will do it. You can have the best of both worlds by doing a quit claim deed. This will transfer to and from your LLC. I have done several of them lately on refinances. 

@Reden Dionisio

A VA IRRRL is about the easiest loan to do these days. It doesn't require any income docs or an appraisal. And it's also a mortgage only credit pull. Most of mine are done in three weeks or less and the rates are very good for a veteran. Fees can vary as far as the closing costs go so I would shop around. Do you have any disability? How many times have you used your VA loan benefits?

@Dave Janis

How long have you owned the properties?