All Forum Posts by: Elise Marquette

Where are you seeing the rates being the same for a home equity loan and a mortgage? In general, mortgage rates are much lower than home equity loans. Especially with the historically low rates during the pandemic. It really increases your borrowing power. Home equity loans tend to be adjustable rates too whereas most cash out refinances are fixed. In many cases lenders will say there's no closing costs, but what they really mean is that the closing costs are financed into the deal by increasing the interest rate. 

It depends how long you would plan on keeping the property. If you sell it before it hits 80% LTV then it doesn't really matter as much what loan type it is. Maybe check out a 5% down Conventional. In any case, you may want to buy Conventional because if you buy FHA and then go to buy another FHA within 100 miles, you'll run into some hoops to jump through. I will say that many seller would prefer a Conventional offer over an FHA offer too in a multiple offer situation.

Messaged you

Definitely talk with a lender so you know exactly where you stand, how much you'll need to put down on an investment property, how much you'll need in reserves, your debt to income ratio, and how much you'll need to purchase a primary

Hi Nate, congrats on taking the leap on becoming an agent. WP is such a great area to be in- although I'm a Rollins alumnae so I'm a little biased. With rates so low right now, you're missing out if you wait to pay off debt. If you can qualify for a good deal now, why not grab it? I would definitely recommend speaking with a lender to figure out exactly where you stand. One of two things will happen- you will either qualify on the spot of the lender will tell you what needs to happen in order to qualify. 

With 10K to play with, it may make more sense to purchase a primary residence and house hack it. Most investment properties are going to be at least 15% down so that may eat up your cash reserves pretty quickly

I’m in Tampa bay and would be glad to meet up!

@Scott Diller not unless you have experience getting income from rented units. This is not a rule that varies from lender to lender. The VA dictates this and in order to make the loan conform to VA standards lenders have to play by their rules.

@Garret Myers I’m a lender and I actually used to live in Davenport. Happy to answer any questions about the area or financing

No you can quitclaim the title to an LLC after closing but you personally will still be obligated on the mortgage. Since you are still obligated on the mortgage, it shouldn't trigger due on sale.

For a purchase? Cash out refinance? Rate and term refinance? Rates really also depend on credit score and loan to value ratio.