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All Forum Posts by: Neil Aggarwal

Neil Aggarwal has started 8 posts and replied 508 times.

Post: 15 year loan vs 30 year loan

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

If a 15 year loan and 30 year loan have the same interest rate and charges, I would pick the 30 year one.  But, that is usually not the case.  You have to compare the entire loan programs to each other and also account if you are going to sell the property.

Having said that, I prefer the longest term possible since I can always prepay and shorten the length of the loan.

Post: Collateral on investment properties

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

They can ask for anything.

Personally, I don't see it is reasonable.

Post: Client needs private money for 50% LTV deal

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

50% LTV should be very interesting to a private lender

Post: Title on a Loan

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228
Originally posted by @Chris Viola:

It sounds like I should be on the title since I'm named on the HELOC, right?

More specifically, it does not matter where you are getting the money.  You are the lender and therefore you should be on the title.

Post: Title on a Loan

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

There will be two title policies:

1. An owner's policy for the person/entity that is buying the property.

2. A lender's policy for the person/entity that is loaning the money.

I assume you are asking about #2. I assume that since the HELOC is in your name and that is where the money is coming from, you will be the lender. That means the lender's policy will be in your name.

Post: Fraud Alert: BlueSky Lending LC

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228
Originally posted by @Account Closed:

I think you are dealing with an imposter.

Post: Having trouble finding financing

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228
Originally posted by @Benjamin Selez:

The previous owner (possibly illegally) moved the kitchen to the 2nd floor and operated an insurance agency on the first floor. The house also has an "in-law" suite with separate utilities but the home is not zoned as a duplex.

Look for a different house.  Why buy into something that could violate codes and zoning and has the potential for a huge problem.

Post: Getting Lender to Respond

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

Don't waste your time on people that are unresponsive.  Go somewhere else that actually wants your business and is willing to serve you.

Post: Fraud Alert: BlueSky Lending LC

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

I have worked with BlueSky Lending in the past and they were legit.

Post: CREDIT PARTNER STRATEGY

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

You can also look for private money sources in your area.