All Forum Posts by: Jain P.

I have 3 mortgage loans(1 primary, 2 investment) under my name only. All titles for home are under a revocable trust with both spouses name listed as trustees. My spouse doesn't have any loan under her name.

For the 4th home under contract, I wonder if I should be

1.)Taking loan under my name only OR

2.)Taking loan under my spouse only

The reason I ask this is, I read that most of the big bank lenders, don't provide loan for new-purchase/refinance/cashout-refinance with more than 4 loans, due to the risk involved and amount of paperwork for them to review.

Does the spouse loan count under the 4 limit, or the 4 limit is per person ?

Is it a good idea to go with the loan under spouse name only?

#lending #mortgage

I see 6-months waiting period is only for cash-out refinance. Did not see any restriction on regular refinance.

These homes are singleFamilyHomes , so why they are listed as type:Condo

https://search.wcad.org/Proper...

https://www.zillow.com/homedet...

Can i refinance immediately next day, after closing the purchase loan on investment property.

City: Jarrell, Texas - 76537

The local city lender which i picked has following :

Advantages: 

1.)Can commit to close on time. 

2.)Which means my earnest money of $10K is not at great risk. 

3.)They have good network of appraisal folks, so they can get that in 1 week timeframe.

Disadvantages: 

1.)Section A: origination fees, discount points and worst rate overall, 

2.)No lender credit. 

3.)Total $5K cost difference compared to online lender, along with 1% interest rate difference.

Online Lender: LoanDepot, Better.com, which provides competitive rates.

Local Lender: Keeping it anonymous in this forum.

Also, if it is allowed, can i bump up my interest rate way higher, so that my closing costs(A+B+C+E) are close to $0, so that immediate refinance will not cost be double closing costs?

Thanks for your response. Is there a blog or reference website, which i can use to validate that the loan will be treated as purchase loan, and interest will offset income? My CPA is not well versed in such real estate transactions

@Eric James Basically same deductions which apply to investment property acquisition loan. Allowing loan interest to be offset with rental income. Given i am paying cash and then immediately refinance(investment property), does tax rules allow to be considered it as acquisition debt? If no, it would be a tax hit, as i can't use interest from cashout refinance to offset rental income, unless i reinvest into some other property

@Kevin Romines  Delayed Financing on investment property, is it considered as acquistion debt if done under certain months, so that rental interest can be offset with rental income? Is this same 90-day rule as for primary home delayed financing?

@Caroline Gerardo Thank you. I went over the PDF. They don't mention about any tax benefits or deductions available, for delayed financing for investment property. I just wonder if i lose all tax benefits, unless i reinvest again. Any user friendly explanations or links available for me to review?

Do we lose tax benefits when buying investment property in cash, and then doing refinance?

Does the 90-day rule for refinance after cash-acquistion, apply for investment properties?

Otherwise, does the cash investment buyer, lose on tax deduction, as once he refinances, the cash he gets doesn't get deduction, unless he use it to buy another investment property.

Am i missing something here?