All Forum Posts by: Kevin Mejia

Hey BiggerPockets so I’ve been talking to some mortgage bankers . One specifically caught my attention . Bank Santander offered me a .625% discount on my mortgage because I’m making below the 50% median household income in the county. Now the closing costs was around 8,000. I would love some insight after reading all over BiggerPockets I feel that is ridiculously too much. Does anyone have any insight or any advice to lower the closing costs. This would be my first mortgage by the way . I also heard lender around 2000 closing cost with a higher interest rate. First time home buyer would really mean a lot!

I was at Santander Bank the other day and luckily they had a mortgage rep there . She was telling me about the 3% down with no PMI which sounded strange to me . I asked her if there was any catch to it and she said no . We didn’t get into a full on conversation I just passed by that day . Of course I’m looking for a low monthly payment so I can house hack my first duplex .

I’ve been reading about new 3% down payment for first time homebuyers . Does anyone have any insight on it ? Is it better than the standard FHA 3.5%? Maybe some key differences? Would it be a better low monthly mortgage ?

Thanks for the insight ! 🙏

With rising prime rates does that affect all lenders? Should new young investors be worried ?

Wow thank you so much . I’ve got of this for almost 2 years but now I’m ready to buy first duplex thank you!

I’m going to buy my first duplex in NJ around Elizabeth . I need help finding a local mortgage broker . If anyone can direct me to the right person it would much be appreciated . I’m trying to avoid the banks .

Does the lender chose my contractor or I can chose myself ? Im going with the FHA 203k because I plan on living on the property for a while as well as renting out the other units. Why is this one difficult compared to the regular FHA I really need guidance. Thank you

I am 20 years old and hopefully can get my first investment property next year using the FHA loan . I know the basics of real estate but I need to learn so much more. I have so many questions. But my focus right now is on something simple. Using the FHA to live in a multifamily unit and renting out the other one. I would like to get as much advice as I can who has gone through this process. I don't want to come off as I want a mentor but someone who can help me out to not make the wrong decisions.