All Forum Posts by: Jesse Rivera

If you're set to close tomorrow, you should have received your CD on Friday, you are correct. I would reach out to your loan officer and get an update.

You also have a 3 day right of rescission, which allows you to back out for 3 days. So the loan won't fund and record until 3 days after the official close date.

It boggles my mind how many loan officers and Realtors don't keep their clients updated. Communication should be their first priority. 

Your hard money loan is used to purchase and rehab a property, but it's only temporary. At some point you will need to refinance and get a permanent loan. Get pre-approved for this refinance in the beginning, so that there are no surprises when you need to refinance.

Does that make sense?

The lender owns the appraisal report, as they are the actual client not the buyer. But they still make you pay for it. 

Now most lenders will give you a copy of the report, I don't know why they wouldn't. It's not like you could just take it to another lender, there is an official process for that and the old lender has to sign off on it.

Be the squeaky wheel and make a fuss, and they may eventually give you the report. Go over the loan officer's head, it just may be the loan officer being a d$#k, and trying to keep you from going somewhere else.

You can do 1 year self employed, if in the business for 5 years, and you've done at least 1 year of taxes as self employed. But it has to be a full year self employed on the return.  so you can do a conventional loan when you submit your 2021 return. not the news you wanted to hear, but if you can wait until early next year, you are good.

Get title insurance. it's not required if not using a lender, and many try and save money by not getting it. But get it anyway. If you are going to be in the investing business, run it like a business. It will save you a lot of money in the long run.

Joe knows his stuff. If you want to get more familiar with creative financing, here is a great podcast to listen to: http://www.thecreativefinancin...

I am not affiliated in any way, just a fan (not a fan boy).

Ha, sorry, forgot the link. Have not had any coffee yet. http://www.thecreativefinancin...

Under 922k, no, max is 80%

Over 922k, yes, max is 89.9% LTV. Jumbo loan. Assuming SFH, great credit.

Also look at Bank Statement loans. They perfect for your situation.

But the truth is it's not going to be worth it to refinance until you can qualify with conventional loan. Non conventional loans won't lower your interest rate much(unless you pay a lot of money in points), and you will end up paying a lot of money in closing costs.

And right now, most of your mortgage payment is going towards equity, not interest. Once your refinance, you should do a 15 year, otherwise, in the long run, you will pay a lot of money in interest. The bank will love you, but is it a good decision.

Sit tight until next year when you can get approved for a conventional loan. Do a 15 year loan. Or better yet, just throw a few hundy more each month to your current loan and get it paid off faster. Do the math (math is our friend).

Cheers!

Those terms look pretty standard for HM loan.

For your refinance, I don't care what your HM terms are. As to what kind of refinance, conventional should be your first option, but you will need to qualify with your income, DTI, FICO, time on job etc. And loan balance vs appraisal value (LTV). You will get the best rate with conventional.

If you can't qualify with conventional, there are other options. Bank statement (less stringent personal requirements), DSCR (look at rental income vs mortgage amount), and some other outliers. Your interest rate will be higher.

But all loans are driven by FICO score and LTV.

Hope this helps.