All Forum Posts by: Kelly Jenrette

Quote from @Kevin Paulk:

@Kelly Jenrette I would talk with the lender you found and ask them. They should know a few in the area.

Good Luck!

 Yep, that was the first person I asked. I have a call scheduled with their recommendation today. Thanks so much!

Quote from @Bjorn Ahlblad:

I have been very happy with Farmers!

 I have a call with them this afternoon. Thank you!

Quote from @Allan Smith:

Arcana is in most states.

 Thank you. I will look into them.

My first offer (ever) for a Duplex in Columbus, GA has been accepted! I am now in the process of finding Landlord Insurance. I have done Google searches and reached out to other people as well.  However, there's nothing quite like the BP community.  Thanks to this forum, I found my lender!

So, is there an agency in Georgia that you would recommend?

@Brittany Minocchi, thanks for the info. I'll be in touch this week. Enjoy your 4th!

@Becca F., I realized I didn't appropriately tag you in my response. Please see below:

Hi Becca,

There are no points for the loan. Origination fees are about $1300. They are requiring 25% down since it's an investment property. I thought 20% down was the norm. 

And yes! Please send over the mortgage brokers info. 

Thank you!!

@Brittany Minocchi, this is for a conventional multifamily property. 

Another question that just popped up for me is about credit inquiries. I heard that if you have multiple of the same type of inquiries on your credit report it won't affect your credit score. For example, if I choose to go with another lender, my credit won't be affected because they're basically the same type of company. Do you know if this is true?

Quote from @Becca F.:

Hi Kelly! Welcome to BP! The closing costs look reasonable to me. Are there any points for this loan? What's the origination fee?

I used a mortgage broker who found me the best terms. I talked to 5 lenders for a cash out refinance on an existing rental property and they all had different origination fees and interest rates. One told me he could get a rate in the 5% range on an investment property (in Nov. 2022) but when I saw the loan disclosure it was over 4.59 points ($23,000) to buy the rate down...nope. A different one tried to charge me a cancellation fee, which is not legal. I haven't used a credit union. 

I used a mortgage broker (different one since the first one wasn't licensed in Indiana) for a purchase I closed on in March 2023. The loan servicer wound up being mortgage company for both loans. I had to put 20% down. Did your bank say you also had to put 25% down? 

I can DM you the mortgage broker if you'd like :) 

Hi Becca,

There are no points for the loan. Origination fees are about $1300. They are requiring 25% down since it's an investment property. I thought 20% down was the norm. 

And yes! Please send over the mortgage brokers info. 

Thank you!!

Hello BP Family!

My name is Kelly Jenrette, and I've been a Pro Member for a little over a month.  I've been listening to various podcasts, reading books, etc.  My husband and I are new to investing and excited about the journey. We live in California and want to invest in the Columbus, GA/Alabama area. We have gotten pre-approval from my credit union in Atlanta (my hometown).

My husband and I had are wanting to know: are all lenders created equal? Are the numbers just what the numbers are, no matter who you go to? Another bank told me that going with the Credit Union may be a "better option," but these numbers appear to be the same as what that banker was offering.

These were the terms from my Credit Union:

Sales Price: $279,000 (We had to give them an exact property and amount we were looking to invest in before they would provide us with the pre-approval. So, these numbers are based on a property we were looking at but no longer pursuing. However, we still know what we're qualified for.)

Loan Amount: $209,250

Todays Rate/Term: 7.625% 30 years

Monthly Principal & Interest payment: $1,481.06

Down payment: $69,750 (25% required for Investment properties)

Estimated Closing cost: $10,898

Looking forward to learning and even receiving suggestions on truly "better options."