All Forum Posts by: Va Des

@Account Closed We are getting loans on our individual names so that should not be a problem. I was confused about the title. When applying for a new traditional loan, bank does not look at the title, right? 

@Account Closed Is the 10 property limit still applicable if the DTI is less than 40%?

My wife and I are buying one property each (out of state), we decided to take loans out on our individual names. We are confused on what to do with the names on the title. If we add both our names on both the houses, the property taxes and the HOA will be added to both of our DTI for future loan applications. If we keep just one name on the title then, we would have to write a WILL to transfer the house ownership incase one of us dies.

How do couples manage the rental properties? Are there any pros or cons of adding both of us on both the properties (in addition to easier to transfer of ownership on death)?

Can the broker/lender lock in the rates on a mortgage loan without me explicitly signing the Loan Estimate/Disclosures? The lender I am working with kind of did bait and switch. He gave a Loan Disclosures/Estimate with credits but I found few errors on those docs. I asked him to update the Loan Disclosures document with the corrections, he did that but removed the credits ($1500) and told me that the rate is already locked in now. I never got chance to review the new Load Disclosure before he locked. I have not signed any documents so far. I did mention to him over email that I would like to go with 90 day rate lock and other clarifying questions. But did not expect him to lock me in before sending the documents for review. He did not even mention about taking the credits off till after he locked me in. 

So the question -> Can I still back out and go with the different broker? I don't like the way this person is conducting his business. I have not signed any documents other than exchanging emails/calls and sending documents needed to get the loan approved.

I just gone a property in Jacksonville and was looking for lending options. The property is under construction and will be done by 3rd week of April. One of the lender gave me an attractive rate (3.5) on 90 day rate lock which gives me the rate lock till Mid June. Has anyone done rate locks? Do I need to watch out for something? The only this that I see is a 2k origination charge. This seems higher but seems to factor in 90 day lock.

Most of the articles on google say that I will miss out on lower interest rate if the interest rate goes down. But we are already in lower part of the rate curve. I am thinking it will not go down further. Plus I read a recent news article that investment property rates will be going up from April 1st by 1%. Folks who have gone through rate locks, do you recommend going with it or wait and watch? 

There is a possibility of the house not completing on time, but I thought 90 day gives me enough time. The lender told me that in the worst case, if 90 days is not enough I can let it expire and go with the market rate. I am assuming if this statement is accurate, I dont see much downsides. What do you think?

@Austin M Margarida : Thanks a lot for your suggestion. I was thinking the Jackson heights property has more runway to appreciate and also the property in Arlington is 25k more. Would be helpful if you could elaborate on your thought process?

Confused between the following properties from Jacksonville - one from Jacksonville heights area, New construction located north 103rd street and the other property is in Arlington area fewblocks away from St. Johns river, constructed around 2014 and 12% more than the first property mentioned. The cash flow per month is similar on both. Assuming that I'll hold the property at least for 10-15 years, which one would you suggest especially from appreciation and the neighborhood point of view? Currently, leaning more towards the Jacksonville heights property since the downpayment would be lesser.