You may ask for a $0 closing cost loan. Most lenders will offer this option with a slightly higher interest rate. Otherwise, you may choose to request that the sellers pay closing costs.Hope this helps,
If you are looking for the best rates and fees I recommend a mortgage company over the local bank. But shop around and get estimates.
Depends on the lender, but yes you can! Unless you have a history of receiving rental income as evidenced by tax returns, you will need to qualify with both house payments without using any rental income. As long as the purchase makes sense, YES!
All good advice, but you mentioned that this is a new condo project. I would recommend checking to see how many units are already sold and occupied. Also check on how many are owner occupied and get a copy of the projects financials if possible. Some condo projects with few sold units can be difficult to finance at attractive terms. Giving this information to your lender upfront can save you a lot of time.
Most lenders will lend at a maximum of 75% Loan To Value on investment property.
if you feel you are paying too much then you may want to start talking to other lenders. You should feel good about the deal you are getting.
When you order and pay for an appraisal you are buying a product. If the appraisal is performed then you are not usually entitled to any refund of the appraisal fee. When you are requesting a mortgage from a lender you are telling that lender that your home is adequate collateral for the loan requested. The burden of proof is on the borrower. If you cancel you application the appraisal is still yours to keep.
Just a gift letter and verification of the deposit of the funds is all that should be required. With the size of a down payment seasoning of funds is not required.
If the underwriter determines the property to be investment property this will change the rate. As a borrower you always have the right to decline the loan offer prior to signing.
The only way to get 125% ltv is to get the mortgage from your current servicer. IF the refinancing lender is the sevicer you can refi to 125% otherwise every other lender out thereis going to offer you only 105%.