All Forum Posts by: John Karg

Hi Chris, 

I would expect a rate closing to 7.0% right now--get approved with another lender (preferably a broker) and see what they offer. Don't worry about having your credit pulled again--any hard pulls on your credit for mortgage purposes that are done within 45 days of each other are counted as only one pull against your FICO score--this allows people to shop around for mortgages without worrying about the impact on their credit. 

John

Welcome Ryan! I'm always available for any loan related questions. 

John

Hi Rodolfo, 

What Junsin mentioned is correct--there are plenty of sites that will offer this. I would add that if the prospective tenant is working with a realtor, it's customary for the realtor to have already pulled their credit report and background check, and they will include a copy with their lease offer. 

John

Hi Troy, 

Congrats on making your first offer! It sounds like a great deal. Just want to mention to check if you're eligible for a 3% program (depends on your income and county limits). There are also renovation programs which will give you a 30 year fixed loan at 5% down and a separate loan for the renovations, so you don't have to finance that out of pocket. Feel free to reach out with any questions! 

John

Hi Maria! 

Congrats on getting your real estate license! I believe that is one of the smartest things to do, as you can represent yourself and credit the buyers agent's commission to your closing costs--that's what I did personally. I would recommend checking out LoKation (The K Company) real estate brokerage in Pompano Beach. They have a transaction fee structure instead of a percent commission split, and great training and support available for beginners. I also recommend making sure you maintain your credit score in tip-top shape, as this will determine the rate you get on almost any loan. Feel free to reach out anytime with questions! 

John

Hi Shane, 

As others mentioned, for conventional the mortgage being paid off in a cash out refinance must be at least 12 months old. DSCR loans won't be as strict but will often require at least 6 months as well, and the rate will be a bit higher. A HELOC on your primary residence would be very easy to do, with LTVs up to 90% and very low closing costs with nothing coming out of pocket. Feel free to reach out with any questions.

John

Hi George, 

I definitely know what you mean! I would say getting out and viewing properties in person is the best way to get yourself moving forward. If you need a realtor I'd be happy to recommend someone in your area. The type of loan you will use also has a big impact on your strategy and type of property--feel free to reach out with any questions on that part. 

John

Hi Anthony,

Assuming the property isn't in decent enough shape to qualify for conventional financing, your best option is likely hard money. There's quite a few fees and high rates, but you could get the interest-only payments that you're looking for. 

If you have significant equity in your other properties, you could also take out a HELOC on one or both of those, which would have better terms and also offers interest only payments.

Feel free to reach out if you have questions. 

John

Hi Jose,

Absolutely, not all brokers have the same lenders so I always recommend my clients get another quote--if I can't beat it, that's on me and I recommend they go with the other lender. Feel free to reach out with any questions! 

John 

Hi Isaias,

Welcome! I'm a licensed lender, agent and investor located in Palm Beach County. I'd be happy to answer any questions you have--feel free to reach out anytime. 

John