All Forum Posts by: Diana Villalon

Hi Jason,

American Savings Bank has low LTV limits so I'm working with CU. They have much more reasonable underwriting guidelines.

Diana Villalon

@Chang Pan Ouch! that hurts, I was about to sign a contract on an REO property using all cash with the intention to get it refinanced after, but this stopped me in my tracks until I assess the situation. The Lender I'm working with on another property (next door) told me she couldn't even get pricing on Friday and Monday due to this news, their system locked them out. So put a hold on this 2nd property :(

Well, yes, rates are much higher after that announcement. And yeah, they are reducing the #  of loans per lender to 7% so more shopping will be required and we'll be paying more for those loans. 

@Levi K. Thanks for the info, I just looked them up and will be giving them a call tomorrow. We have a small house in Indy and need a loan/ home equity line of credit to do some repairs. Ideally, we would like to get a mortgage on it and take the cash, appx 50k and use to buy another property. Checking multiple banks to see which one works out. 

@Brandon Pace well said... is my thought too..I'm new as well and just closed ona rental on Dec 24th... I know the market is high and will go down at some point, but like you, I'm in for the long run. I wish I would have bought 10 years ago as well.

Thanks everyone for this information, I seems the last posts are from two years ago. I wonder if the information still applies in today's environment? But I will reach out to Bank of Hawaii. Looking for a Line of credit on an investment property. 

I just refinanced my personal loan out of Flagstar, but while I had it, i used the billpay from my bank account, never used the their autopay option. And yes, never had an issue with it. My last payment to them was in Dec 2020, if they changed their policy after, then it was good timing for me, but it's good to know as my boss has a personal loan that I pay through the company. I'll check this out Monday. Great info

I heard this advise once, and to me, it kind of makes sense "Do not bank where you borrow". Yes, go ahead and have a bank account for the rentals, separate from your personal accounts, but keep your checking and savings accounts at different banks from where you plan on getting loans. Although, there is something to be said about borrowing from a bank that can see your banking history, you have a relationship with the institution. That being said, from personal experience, my boss borrowed from one large national bank, they didn't like him taking all his large investments out to another bank and forced him to close his business bank account, which caused many unnecessary headaches. So, I personally think is a good advise, do not bank where you borrow. 

@Prithvi Sri agreed!!! I've worked in the construction industry in management/office setting, but 90% of the property managers we deal with are females. Great observation!

Our 7th meeting is coming up, thank you for all the support. Look forward to meeting new investors.