All Forum Posts by: Erik Estrada

@Sarah Bella Using a DSCR loan is a great way to get started if you are self-employed. You can do a cash-out refinance on your primary and buy another property without the headache of proving income for your business.

Hey @Jared K. so if I am understanding correctly, you would like to refinance from an FHA to a commercial loan? This could make sense if the total monthly payment on the commercial loan are lower than the FHA loan.

@Alex Roter

Hey @Craig Fitzsimmons! Why interest only? 

@Masha Rizzi Very well said! 

Most lenders will take into account if you own your primary residence before issuing a loan for an investment property. A better alternative is owning your primary first then once your property appreciates in value, do a cash-out refinance and buy your investment property. If you are renting, we work with some lenders that can finance without owning your primary residence. The catch is higher credit score requirements, proof of funds, and higher rates. Ultimately, it's up to you.

This depends. If you use it to consolidate any debts this could make sense. You must also factor in the closing costs as well. Regardless, rates will continue to rise but it is the cost of doing business! 

Have you consulted with any Mortgage Brokers yet? Lenders will see 2 years or more of income from your contract work and factor it in to your DTI.

@Jonathan Taylor

Hey Ashley! What are you looking for in a Mortgage Broker?