All Forum Posts by: Emily Powell

@Dan Schwartz - quite possibly.  He added an addendum to the post that went like this:

"Rate updates: The ones I quoted were from the website. I called the loan officer and got the actuals: 5.12% for the 30yr and 4.82% for the 15yr. The difference is that this is a condo vs. a SFH and an investment property vs. an owner-occupied."

@Dan Schwartz at the bottom of his post, he listed the rates from the loan officer instead of those he saw on the website.  He could have told you that, but I thought I'd say hello. Hi, Dan!  :)

@Brian Foster - I think what many of us are saying is not that the maps should be discounted, just with the way climate change is impacting our world, we need to be even more conservative than the maps are suggesting.  I don't think anyone is questioning that they should be getting flood insurance if they are in flood zones.  On the contrary, I think what people are saying is that even for those of us who have purchased properties outside of flood zones, we need to be considering flood insurance in a way that 50 years ago, might not have been necessary.  I don't think anyone is disagreeing with you, only going a step further than what you are suggesting. 

@Pablo Mendez @Fred Heller @Don Daniels @Account Closed Do correct me if I'm wrong.  

@Tris Rollins Happy to help.

Thanks @Account Closed.  I'm leaning that way too.  

@Tris Rollins - What @Jason Lavender said was right.  It's delayed financing, which some loan officer's might just call a cash-out refi.  But explain your situation and they'll know what you're talking about.  There are some restrictions to being able to get this type of loan.  I found this post with some helpful information.  If I were you, I would talk to your loan officer prior to making the purchase to make sure you meet the requirements.  

https://www.biggerpockets.com/blogs/5110/42824-all-about-delayed-financing 

@Jason Lavender - About 6 weeks.  I waited a few weeks after closing on the property to do a few updates and get a renter, but it can be done right away.  

The rate will likely be a tad higher, but with a loan amount that small, it won't make a big difference in your payment.  

@Tris Rollins @Jason Lavender I just did it with no issues at all.  

@Don Daniels That's what I'm thinking.  I got a few inches of water in one of my properties which is currently under renovation.  Luckily the floors hadn't gone in yet so it the damage was pretty minimal (relatively speaking).  I know I should do it, just hate the thought of the extra expense. But I know that the extra few thousand now could protect me from tens or hundreds of thousands should another storm of this magnitude happen.