All Forum Posts by: Raymond J. Rodrigues

Hi @Jackie Buzzerd! Happy to be a trusted lender resource for you with any questions you may have regarding financing! Also happy to share my contacts in the area to help get you going in the right direction. 

Hi @Joseph O'Sullivan, happy to connect and share my lending resources with you to help provide some guidance in your real estate journey! 

Hi @Mario Richardson, I have a few insurance contacts here in South Florida that can help you out. Feel free to PM me and I'd be happy to share their info! 

Hi @Joseph Fuentes, happy to connect and help where I can! 

@Slaven Slugic, get hurricane shutters for the time being in order to receive the wind mitigation credit for insurance purposes. That should drop your insurance substantially. 

@Alessandro Ricciardi, what is it that you’re looking for with hiring an attorney? I can recommend you to a few good ones. 

@Jimmy Rojas, have you tried getting pre-approved through a lender to see what they can offer you? Is there a reason why you would prefer a conventional loan over FHA loan?

FHA loans are not credit score driven loans as much as conventional loans are. WIth buying a property as a primary residence, you'd receive far better terms with an FHA loan.

With an FHA loan, expect an interest rate in the high 6's low 7s. For conventional, depending on how many points you might end up paying, you'll be in the 7's, up to 8%.

@Nolan Mahoney, if you're looking to buy another primary residence with low down payment, DSCR is not an option you should consider exploring as many may suggest. If you are looking to buy as an investment property, perhaps it's not a bad idea.

If you are looking to buy a new primary with low down payment, in order to circumvent the DTI issue, you need to provide your lender with a lease and two months' rent for your departing residence at closing, so that the debt-to-income ratio is not an issue with your first home being counted against you when buying your second primary residence home.

@Matt Meier, it really depends on your credit score and down payment amount. With 20% down, i've seen rates in mid 7's depending on property type, loan type, loan amount, etc. Complete an application with a few lenders in a short period of time to get some concrete numbers going.

Hi @Madison Sobol, congratulations on closing on your first home soon! It's nice to see that a family friend that's a lender mentioned shopping around for rates so that you can find the best deal possible, even if that means not working with them. That says a lot about them. 

It's always in your best interest to do so and I always encourage the same for those that I work with so that they know that I am giving them a great deal. Unless you have something to compare to, it's hard to say right?

Things to look out for--

--Ask a lender what your potential interest rate is going to be and what lender fees are associated with this rate (underwriting fees, points whether they be origination or discount). 

--What is your average closing timeframe? 21 days, 30 days, 45 days? 

--What are your hours of operation? 9-5? Can I reach you after hours if something critical comes up. Are you available on the weekend to send a pre-approval letter if I need to get an urgent offer submitted? -- You will not find this level of service with a regular bank or credit union. 

--When comparing lenders terms, try to get them all on the same day, rather than spread out over a few days. Rates can change up to 2-3 times a day, sometimes more, depending on what the market is doing. 

Depending on whether you're purchasing a property as a primary residence or investment property, the cost can vary drastically. 

If you have any other questions, always feel free to reach out! Happy to help!