All Forum Posts by: Peter Boutros

Hi Lan!

Welcome to Bigger Pockets! This community has a lot to offer, specially the podcasts, I have listened to all of them.  If you have any questions don't hesitate to reach out to me.

Hello Padric,

Welcome from Fanwood, NJ.  This is a great community and I am sure you will benefit a lot from it. With your experience combined with others here, I am sure you will be the road to success.

Thank you all for the replies. Do you recommend taking any actions against the lender?

Stephanie Irto "No"was selected at the lock rate. However I submitted all the paper work before the expiration date. I confirmed with the loan officer a week later that the rate was locked. It seems like they never locked it on paper. However, they mislead me to believe it was locked and I have the text messages to prove it. According to the loan officer, he was waiting for the student loan statement to go thru since we were going to pay them off with the cash I get out of the refinance.

It was a cash our refi.  Two weeks ago was close to 5%.  I am just frustrated that they did not lock the rate.

Hello,

I have been working with a lender since October, 2016 to do a cash out refinance on my current home so I can invest in a different property. I filled out all the necessary paper work and signed the mortgage commitment form at 3.5% interest rate and sent all the required documents before the deadline.

I confirmed with the loan officer that the rate was locked in November. Just two weeks ago the loan officer comes to me with a new proposal of a larger cash out loan but 5% interest rate promising me rates will go down to 3.5% in June with a rate and term refinance. I knew something did not sound right and contacted their main office only to find out they had never locked my original rate at 3.5%. Now the rates are no where near that rate and cannot match it.

I was furious, I lost a great opportunity because of their mess up, lost the appraisal free and got my credit score pulled for no reason. They say they will refund me the appraisal fee but it will take 2-3 weeks (I have a feeling they will not send anything).

What would you do if you were in my shoes?

I am looking in Union county, Hudson County, Middlesex County, Somerset County.

Financing is in place. 

Agent recommendations are greatly appreciated. 

I have been listening to the podcasts.  I started from the very beginning!

Originally posted by @Scott Hollister:

Welcome @Peter Boutros,

You have come to the best place for learning REI!

• Have you picked a farm area? A area that you will invest in? 
• Have you lined up financing? Figured out the down payment? 
• Are you using calculators to see what you can pay for a property?
• Do you have an investor friendly agent that will help you through the process?

Once you find a deal, use the BP calculator on here and we will take a look! 

Good luck Peter! (P.S. listen to all 200+ podcast shows:)

4 or less. 

Originally posted by @Odie Ayaga:

Welcome @Peter Boutros! Are you looking for 4 or less units or 5+?