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I'm looking to refinance two of my investment properties in which I have enough available cash to i

  • September 02 2011 - Calallen
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Answers (7)

I have a lot of lenders with unique loan programs, but none would lend on a property were the appraiser couldn't find recent comparable sales. I think you're very lucky with what was offered.

Happy funding, Rudi
  • October 18 2011
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Any suggestions I can counter this offer with?
  • October 18 2011
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It might be a little expensive, but they're taking a bigger risk since there are no comps in the area to determine value. If you're comfortable with it, in reality, this is probably a pretty good offer.

Happy funding, Rudi
  • October 18 2011
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I agree with Andrew.  Also, bear in mind that most 5/1 Arms have a three tiered cap (5/2/5).  In other words, everything you have stated with regards to the caps is correct except the first adjustment can go as high as the lifetime cap on the 61st month.  Fairly substantial payment shock...yes, I have seen some 5/1's with a two tiered cap (2/5); however, they are the exception, not the rule.
  • October 18 2011
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Seems expensive to me 5/1 arm at 5.5
  • October 18 2011
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Sorry, here is my question; Investment Property: Banker is offering a fixed rate 5.5 first 5 years then adjust to 1 yr T bill + 3.125%. Floor at 5%. Ceiling at 2% per year ( each adjustment will never increase more then 2%) 5% for life of the loan ( so never above 10.5%) LTV cannot exceed 85%. Fees $75 plus 0.50 origination fee. 

Any thoughts on this offer. Pro's / Con's. The property is a duplex (invesment property ) I have over 7 properties so I am having a hard time getting a mortgage company to take a good look at this property. LTV is 75%. No comp's in area to warrant appraisal. Any thoughts.
  • October 18 2011
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Hi calallen,

Your question was cut off.  Would you please elaborate on your current situation? 

Have you tried putting in a loan request on Zillow Mortgage Marketplace?  You can do this by going to the Mortgage Rates tab at the top of your screen and clicking Get Custom Quotes.  Fill out all of the fields and click Get Rates to compare rates and fees of different lenders. 

Hope this information is helpful.

Jeany
  • September 08 2011
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