All Forum Posts by: Maugno M.

@Adam Drummond Cashing out investment property, although i have been living there since December.

@caleb heimsoth We'll see what happens. i hope it works out. i wanted the money to move on to my next deal. But gotta play it safe.

@Caleb Heimsoth What do you think about mortgage companies? I'm looking into one now that say they might be able to help me. Guild Mortgage.

@Caleb Heimsoth Thats what i wanted from the start a fixed 30 yr rate. My credit score came back at 696 which isnt horrible. I do have debt. Im at about 60k(student loans/Personal loan i used to buy this property) But with the proceeds from this i wanted to clear all my debt up. Thats the only option with this bank i guess.

Lender says they "don’t have a fixed rate except secondary market and the loan amount would need to be over $150,000"

@Caleb Heimsoth This is a cash out home equity loan. Not a HELOC. I was mistaken or understood wrong. Lender cleared that up for me. Its a conventional bank with a conventinal mortgage.

@Aaron K. @Caleb Heimsoth Its a home equity loan. Idk about the terms though. They are offering me an ARM 5/1 20year. Interest rate for 6.6% right now, and can go up as high as 12% at year 8.

Any advice on this ? should i take it or run. I think most lenders on these type of loans might do the same and i dont want to take a huge credit inquiry hit.

@Greg H. Any thoughts on this since you know the markets here in Texas ? Yes LTV max on home equity is 80%ltv but the interest on this ARM seems very high. I was hoping for a fixed rate.

Hello, i'm in the process of doing a cash out refi. Its a home equity loan. Idk about the terms though. They are offering me an ARM 5/1 20year. Interest rate for 6.6% right now, and can go up as high as 12% at year 8.

Any advice on this ? should i take it or run. I think most lenders on these type of loans might do the same and i dont want to take a huge credit inquiry hit.

I have a home i bought and nearly finished rehab. Started doing my paperwork to do a cash out refinance and back says i have to treat this as a HOME EQUITY loan. It still is a 80%ltv but max is 20year. They said i needed to have additional Homesteads for it to be a Cash Out refinance. 

What do you all think? I'm shopping around to see where they can do a 90%LTV but have had no luck. Not even at the credit unions. Any Advice ?

@Matt Paul I have thought about doing that. The bank told me that was one of my options. The problem i see with that is the interest rate. wouldn't an interest rate for the LOC be much higher than for a mortgage ?

I am in Texas, and i am getting married in 3 weeks ! I was under the impression that my properties i have now were separate property. That my fiance couldn't touch those if we were to get a divorce in the future. Anything acquired during the marriage was then community.

Any advise on this ?