raising money for invest



Answers
avatar
Answer #1

You will get the lowest rate and the least hassle from a cash out refinance of your primary home. Selling it though in about a year you may not wish to do this. If it’s listed already that is a problem just so you know about that. Refinancing and pulling cash out may make your second lender unhappy also. Let me be clear, they may not allow you to do this and they have the power to stop you.
The other homes are possible to do but the loan banks like least is a cash out on an investment property. You’ll get less cash and have a higher rate. I hope this was helpful to you and please feel free to contact me at the below numbers to explore the best option for you in greater depth.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407

Answers Answered By: Brent Mendelson Level Rating133points
Answer #2

Your best bet is to refinance the $700k home and take out as much as 60% of the equity for the money you’ll need for your investment opportunity. We don’t have higher rates for a transaction like this as long as you have a 720 FICO score. Unlike most lenders our rate is the same regardless of occupancy type, property type or transaction type (ie. rate and term refinance or cash out).

If this investment opportunity is real estate we may be able to provide financing for that as well.

Please let me know if you would like to talk further.

Skip Kittleson
TD Bank
NMLS# 658891
o. 301-801-6709
c. 301-252-7924

Answers Answered By: Skip Kittleson Level Ratingpoints
avatar
Answer #3

Skip,

Curious does TD bank not sell to Fannie and Freddie? You portfolio all your loans? What you are saying is that you offer the same rate on a rate and term conforming loan and the same on an investment property condo, cash out? Conventional loans of course not FHA/VA unless you have found a way around the goverment rules. Curious how TD would offer a product that as far as I can tell, no other lender in America has. Again unless it’s all portfolio money. Let me know if I was reading your email as it’s intended.

Thanks,
Brent

Answers Answered By: Brent Mendelson Level Rating133points
Answer #4

Brent,

You read the post correctly. We portfolio everything, even FHA and VA loans. That is correct, our rate is the same regardless of transaction type. We don’t have pricing overlays from Fannie/Freddie or other investors. We price everything the same as long as it fits into our guidelines, which are fairly liberal. We follow Fannie/Freddie/VA/FHA guidelines, but not to a tee. For instance, we’ll do a 2-4 unit mixed use property, and I don’t know any “mortgage lender” that will do that. We don’t require reserves on any of our products either.

Our rates are very competitive especially in the jumbo arena.
http://www.tdbank.com/skipkittleson

Skip

Answers Answered By: Skip Kittleson Level Ratingpoints

Answer this Question

You must be Logged In to Answer this Question
Not a member yet? Sign Up Now »

Related Questions

  • bd credit great salary December 15, 2011 bd credit great salary (2)
    Hello, My credit score is in the 500s (as the result of acquiring medical debt while a new employee with no benefits and pay). I am now making $72,500k annually, have job security and I receive rent on an investment property that I own free & clear. Also, I don\\\'t have a lot of debt - my mortgage & $900 credit card […]
  • Home Loan March 13, 2012 Home Loan (2)
    My credit score is pretty good-high 700\\\\\\\'s. My husbands is mid 600\\\\\\\'s. We have been working on improving his score, i added him to some of my good credit cards, he is paying off medical debt and last week he got a $1000 loan from the bank to show payment history for a personal loan. He does have a released tax lein from […]
  • foreclose or hold?April 23, 2013 foreclose or hold? (1)
    Hey guys, Here\'s my situation: Perfect credit, only debts are car loan and mortgage. My current home is about 50k underwater and stuck at a 7% CDA rate. My fiance and I are expecting a baby the end of this year. We need more space and a better neighborhood. I\'m considering purchasing a new home then walking away from my […]
  • Subject*home equity loan February 3, 2012 Subject*home equity loan (0)
    hello, just filled out online info, have home valued through appraisal at 38,000 would like to leave the table with at least 30,000 for home improvements and small debt reduction. The home is free and clear and all other bills are less than 400/month. I would like to fast track this loan. what are the options

LOAN OFFICERS

Lets Stay In Touch

Contact Brent Mendelson

Your Name:

Your Email:

Phone:

Message:

Cancel

Contact Casey Hanagan

Your Name:

Your Email:

Phone:

Message:

Cancel