All Forum Posts by: Nana Sefa

Hi Guys,

I have a SFH in AZ that currently has a 8.25% DSCR 5 year prepayment penalty of 15k. I have a 800+ credit score and a one year lease in place that is 1.00 of the PITI. Current loan balance is 302k. Current value based off Zillow is 435k.

Please let me know if you guys think I should refinance with this quote from a lender or wait until the prepayment penalty is gone. I have 4 years left before the 15k prepayment penalty is gone on the current mortgage. 

LTV- 75%

DSCR 6.75% this rate will bring my mortgage from 2285 to 2116

Pre-Payment Penalty 5-4-3-2-1%

Loan origination 1.5%

Buydown option 1.5% to make it 6.375% this rate will bring my mortgage from 2285 to 2035

Appraisal 725$

Underwriting- 1295$

Thank you guys! 

I am looking for a home inspection company in the DMV that guarantees their work.  I had a company in Michigan that would guarantee to pay to fix any major miss that are discovered within 90 days of their inspection. Looking for a company that offer similar guarantee in the DMV. Thank you.  

Happy to look at an FHA with you!

House hacking is a great starting strategy.

 Good morning, have a clear title is a marketable asset for any Buyer, future owner. 

Title, insurance and surveys are two of the most important tools you can get when purchasing a property. Not to mention it will also help you sell the property if you intend to flip or sell in the future.

You're right of course that some protection extends past the 6 weeks of ownership, and I was clumsy or mistaken describing it otherwise. 

Nevertheless that anecdote shows risk is nonzero, but nothing further. The risks are lower than if I continued to own the property myself. The rational thing to do is to compare the risk and risk premium and make a decision to self-insure or not based on my risk tolerance, it's an obligation of rationality. I do not think you are disagreeing with that. 

Here is what confuses me about the one-time premium. If I have a 30yr mortgage the lender does not require title insurance updated every 5 years. But if I rate/term refi with the same lender after 5 years, title insurance is required to be paid again. Why? I get the old loan is paid off and the insurance goes with it but why can't it just be transferred to the new nearly-identical loan. It doesn't make sense to me.