All Forum Posts by: Nnena O.

@John Prunier Wow!  What an excellent post!  Thanks for taking the time to provide such detail and substance.

@Jerry Padilla My credit score is stellar--it hovers pretty close to the max.  Should I try to negotiate a better rate based on my score?  Do big banks do that?

@dion 

@Dion DePaoli Local banks are not going to use the term "Delayed Finance Exception" on any type of regular basis. That is a place hold term for Cash Out Refinance after six months title seasoning.

But the delayed financing exception allows you to "refinance" before six months if you paid cash, and if certain other conditions are met.  No seasoning period.  That's the benefit. 

@Charlie Fitzgerald You are right about the adjustable rate.  Thanks for the tip about waiting 1 year if I miss the 6-month delayed financing deadline.

@Dan Vleck Thanks.  I don't really know what that means "a loan that the bank will hold".  But I can ask!  I probably wouldn't mind an adjustable rate.

@George Krajacic  Thanks for your comments.  I definitely plan on keeping the property for a while.  It has great cash flow!  

I don't really know if these terms are the best I could get, b/c this is the only bank that I got the figures from.  I actually wonder if I could do better, mainly because I have excellent credit and wonder of my interest rate could/should be lower.

Based on the comments so far, though, I will probably go for it.  Then, I can look for a different bank with better terms for the next property.

@darren 

@Darren Eady Thanks.  I definitely plan on keeping this property as a rental.  It has really good cash flow.  I purchased it for $55,000.  I've put in about $5000 in repairs, and I get $1435/month in rental income. 

@Charlie Fitzgerald  Thanks for your input.  I had called a couple of local banks and they had no idea what I was talking about when I mentioned the delayed financing exception--or they said that they did not do that.

I can try contacting a few more--or since soon it will be 6 months since I purchased, maybe I can get a regular mortgage (maybe with better terms?)

I paid cash for a duplex in Pittsburgh, then applied for a mortgage under the delayed financing exception that I learned about here on BP. I am trying to figure out if it is even worth it to go through with the mortgage.

Here are the numbers I received from the bank and I am wondering if this mortgage is too expensive for the size of it.

Appraised Value: $60,000

Mortgage of $42,000 (LTV=70%)

30 Yr. Fixed Conforming

5.00% with -.125 pts.

Closing costs are approximately $3,140

Thanks for your thoughts.

Thanks, Janet (I still haven't been able to figure out the @ reply feature).

I will call TDBank right now.