All Forum Posts by: Pamela Winslow
Pamela Winslow has started 5 posts and replied 14 times.
Tyrek- thank you so much for taking your time to respond to me! I so appreciate it
Pamela
Hi BP land! I purchased my first multi investment property where I lived for a year. My plan is to keep property and fully rent it out, and get into a second multi again where I would live. I need to go FHA, I know you are not allowed to have two FHA loans. My current property has a 3.5% interest rate, does it make sense to refinance and loose that rate so I am free to get a new FHA loan for my second property. Is that my only option? Any advice is appreciated! Thank you.
Post: do the calculators account for PMI?
- Covington, KY
- Posts 14
- Votes 5
A-ha! As I suspected, I added it in under “other” expenses.. glad I did that. Thank you! And best to you!
Post: do the calculators account for PMI?
- Covington, KY
- Posts 14
- Votes 5
Thank you!!😊
Post: do the calculators account for PMI?
- Covington, KY
- Posts 14
- Votes 5
Does anyone know, does the rental calculator automatically include the PMI in the P&I number if it is a low downpayment?
( ie: FHA?)
Post: sold mortgage note that got bigger
- Covington, KY
- Posts 14
- Votes 5
Quote from @Chris Seveney:
@Pamela Winslow
Check the terms of your note. I assume it’s not an adjustable mortgage but a fixed rate
The note should state P&I payments and if the borrower is paying the servicing fee it should be in the note.
It’s very rare for the borrower to pay the servicing fee but it does exist. $24/mo extra though is insane as typical servicing on a performing loan is less than that price, so it shouldn’t be $24/more
Could it be due to escrow and taxes or insurance increased ?
Thank you Chris, I will post back what I find out to solve the mystery!
Post: sold mortgage note that got bigger
- Covington, KY
- Posts 14
- Votes 5
Quote from @Kevin Luttrell:
@Pamela Winslow It's common for lenders to transfer servicing after closing, but there legally cannot be any changes to your loan terms.
You said the mortgage statement you received shows the correct monthly payment? If that's the case then there's no reason why your payment online would be any different unless the bank charges a transaction fee for a particular payment method or something.
Thank you Kevin!
Post: sold mortgage note that got bigger
- Covington, KY
- Posts 14
- Votes 5
thank you! Helpful questions. I will when they call back:)
Post: sold mortgage note that got bigger
- Covington, KY
- Posts 14
- Votes 5
Hi, I just bought my first investment property, I am paying my first mortgage payment. I was informed my mortgage was sold from the original bank I made it through. I received my first paper statement, all good, same amount. I went online to set up payment through the bank, and the amount went up $24 a month. I was told it was because of servicing and account changes that had to be made. NOT happy. I have a call into the mortgage office. This adds about $300 to my world every year. Any advice? Is this normal?
Thank you, Pamela
Post: Help me analyze this deal
- Covington, KY
- Posts 14
- Votes 5
At a glance, seems like your monthly built in expense of capX and maintenance are a bit high?