All Forum Posts by: Lola Omishore

The only way I know of to bypass this is to use a commercial mortgage broker that will have you access your tri-merged credit report and score (good for 30 days) and use it to shop your loan to multiple banks and private lenders without dinging your credit report each time.

Depending on the lender, your mortgage after forbearance has to be current for a minimum of 3 months up to a maximum of 12 months.

The required duration of consecutive current payments varies between lenders

@Alex Sabio can you request an extension from the seller on your purchase and sales contract?

The last thing that you want is to be in search of a new lender while appearing like you have no other options. A lot of hard money lenders will take advantage of that and offer you crappy terms to make a killing off of your deal.

A 14 day closing period is tough. Especially on a loan amount that high. A bridge loan might be an option but you’ll still need 30 days

@Micheal Briscoe

So you would be ok with a 30 year fixed loan in the 5.5-6% rate? How many points are you willing to pay on the loan?

And what’s your credit score?

What rates/loan terms are you looking to secure ideally?

@Mike L. The difference in rate is not significant enough to make the jump from a 10 year ARM to a nice stable 30 yr fixed. If perhaps, the 30 yr fixed choice was in 3.7%-4.5% range, the decision would be skewed more in favor to the 10 year ARM rate.

While you make great money now and see it only going upwards from here, there are always a number of factors that can both negatively and positively affect that. Health being one of them.

Were it a lower sales price, I'd be more inclined to go with the 10 year ARM and refinance at the 10 year mark, but with your high price tag, refinancing can be expensive depending on the state of the country in year 2030.

Do you have a property manager that is going to be managing the property in your absence?

Both the home insurance brokers and a few lenders asked me who would be managing the property I was looking to purchase a few months ago as I am in NY and the property is in Connecticut.

So you could ask her if having a property manager would expedite the loan approval process...

A few days in late payment equals a $25k fine?

In your loan agreement, did you acknowledge and agree to a late payment penalty of that magnitude?

And if you did agree to that stipulation, what legal recourse is your lender able to take against you to recoup this $25k penalty?

@Justin Franklin Have you tried a local credit union? The big banks wouldn’t touch this as there’s not much money to be made on a small transaction as this one.

Another thought would be to try and request a personal loan for that amount. I’ve used Prosper in the past for 20k. The rates weren’t the best but you may fare better than I did.  

By the way your credit card may allow you to borrow against the available limit. For example, I have a Citibank credit card. I have over a $22k credit limit. They offered to loan me my available credit limit at 7% APR with a 5 year repayment. I borrowed 15k once in the past, the cash was transferred to my bank account The loan didn't show up on my credit report as a new loan since it's from my existing credit card.

Might be something to look into

@Account Closed one of my lenders is doing a bridge loan for 9.49%, 25 down, not too sure on points but it is definitely less than 4 points.