All Forum Posts by: Nicholas Covington

@Mike Dusenka they are the same thing. A lien is a lien.

@Nicholas Salnicky liens on the home are always paid back before you get any sort of money. You can’t just keep taking loans on the property and not pay anyone back. Please don’t forget that their are closing costs when doing refinances. These can be upwards over 10k or high depending on loan size, escrow accounts, and origination points. Your 30k turns in the 20k really quick.

@Eric Telese if you do not plan to occupy the property yourself then normal conforming loans are not an option. 3.5% if FHA and that is owner-occupied only. Needing that much work I would question if it would pass an appraisal as is.

If you are closing in the name of a LLC it is a commericial loan, im sure another lender is able to put it into a 30 year. Your banker probably is not allowed to work the same loan either so soon or covert it.

Yes, there are lenders out there that are able to assist you with doing that. Normally you are looking at a portfolio/commercial-like loan to do it. Do you have a property in mind?

@Kennesha Powell what’s the value of the property and is it currently rented?

Interesting perspective, not going to say its wrong but I do feel that its a little off. If anything I feel like I bridge the gap between the lender, kind of like having a good real estate agent. A bad one can make or break the transaction. Brokers are just able to help credit challenged people, its just a service we can provide that most others cannot. That is not the majority of our business though as we can open doors to great credit as well that you might not have seen. Not selling anything just thought it was interesting to hear a whole group excluded that offer the same and more in benefit. Cheers!

@Wesley W.

If you don’t mind me asking, I’m interested to why you say no brokers. Is there something that these other two can offer that a broker could not?

@Jake Rhodes

36 months is very excessive. I work with my clients and offer them anywhere between 0-90 days.

What state are you looking to purchase in?

Based on your numbers I don't really see a concern, but you won't know till you just do an application. This isn't really the best spot to just tell numbers and ask does it look good. Most are not lenders here.