Forum: Mortgage
May 13, 2008
Finding a Mortgage for mixed used property
I want to purchase a mixed used property with 5% down and an 80/15. I am having a hard time trying to get to get a mortgage. The property has 2 rentals and 1 store under 600000. The store is the only thing that needs work. Can someone advise me on how I can purchase this property?
May 5, 2008
home equity line of credit/loans
Hello,
We were thinking of doing some renovations and pay off CC debt. we wanted to get a 100K home equity LOC or a loan. With all the crap press on banks and lenders not as willing to dole out money - do you think we will face a lot of resistance?
I have good credit, just not sure what the rates are on loans these days
is anyone else doing this now or are many of you waiting the storm out?
April 21, 2008
Incredible Shrinking HELOC??
Logged into my bank account today to find that my line of credit had been cut down by more than half. When I called the bank they told me it was due to a "reduction in property value".
I know things ain't peachy, but I haven't noticed prices going down that much! Has anyone else had experience with challenging this type of decision? I put 40% down on my home, fer chrissakes, got a great lease on my rental unit and my credit is well above 750. What gives?!
I intend to go crying to the bank about this but wonder if anyone else has had this happen to them recently...? And if so what'd you do?
April 18, 2008
fixed vs. variable
I currently have a second mortgage that has a fixed rate of 8% interest. I will have this paid off in 7 or 8 years. My bank has a special right now that we can switch to. We will have a fixed rate of 1.9% for 5 months. Then it will go to a variable prime rate which is 5.25 at this time, but who knows what it will be later. If we switch and the rate stays below the 8% we are paying now it will be paid off in 4 years. I am usually consrevative in nature, but this might be worth the chance. What do you think the rate will do in the next 4 or 5 years?
Confused
April 13, 2008
mortgage broker ?
We are looking for a mortgage broker that will help us get pre-approved for a mortgage.
Does anyone have any suggestions? Or any positive experiences they have had with mortgage brokers? We will be buying in Brooklyn.
April 10, 2008
Jumbo Mortgage Rates...
I've been poking around and am astounded at the rates being offered.
Even with conforming mortgages hovering around 6%, I'm seeing jumbo rates above 8%.
Anyone else experiencing the same or am I dealing with the wrong agent?
March 18, 2008
Switch to a variable rate loan?
Here's a question for any finance savvy types. I have a 30 year fixed second loan for $480,000 at 7.1% and I have the option to convert this to a variable rate loan at prime minus a quarter, which would make the interest rate 5%. This would save me around $650 a month. Of course prime will eventually rise again and if I wanted to switch back to a 30 year fixed again there is no guaranteeing at that time that I would get 7.1%. Any advice? Snide comments?
March 14, 2008
Lock in mortgage rate before signing purchase contract?
As far as I know this is not possible (need contract first), and yet the potential buyers of our coop, who are planning on signing the purchase contract later next week, mentioned that they will be locking in a mortgage rate earlier in the week. I'm wondering if the buyers are not being properly informed by their mortgage broker. Any thoughts?
March 12, 2008
bank to finance SRO to 1 family conversion?
We are having trouble finding a bank to finance an SRO to single family conversion right now. Anyone had any luck?
March 10, 2008
Refinancing Mortgages? - what's the average?
With all the talk of the jumbo loan limit increasing to $729K,
I wanted to gauge the average time brownstoners refi their mortgages.
I bought my PS house in 2003 with a 5 year Jumbo ARM at 5.75%. I refinanced in 2007 as I was in need of $40K to pay for my wedding and thought let me refi while the rates are still "low" as my ARM was going to expire in 2008. However the refi left me with a montly payment that's almost $400 more than what I was paying. I currently owe $620K on the house(it was appraised at 1.2mil)
Anyway - do you think I should try to refi again? Does it seem weird/bad/high/ if someone does 2 refis in 5 years???