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Financing in 20148 : Real Estate Advice

  • All59
  • Local Info3
  • Home Buying36
  • Home Selling7
  • Market Conditions2

Activity 7
Sat Jan 12, 2013
Julie Gray-Roller answered:
I assume you plan to purchase another property when you cash out? Since this is an investment property and is fully paid that is for you can take out as much as you wish. The condominium association isn't have any say on your decision.

You can look at your position the same as a situation wherein you bought the property for cash. No mortgage, no lender, no approval required by a financial institution or the condo association finance committee.

The decision is yours to make and act upon.

Please contact me if you are looking for an experienced agent to manage the rental of your property and/or to help you locate another investment property.


Julie Gray-Roller
Long and Foster Realtors
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Sat Jan 12, 2013
Sonal Goda answered:
Hi JD - you can call the condo association and ask them if they are legally allowed to interpret that question differently. Also, I know of a bank that has a portfolio product where the investor ratio is not a factor. Please contact me if you would like more information.

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Thu Aug 30, 2012
Nick Pakulla answered:
Our bank offers 80/10/10 loans, these are good if you can pre-pay the second in the first couple of years. Also, you may want to consider lender paid mortgage insurance on a 90% single loan, but normally an 80/10/10 option would give you the best financing and flexibility depending on your specific situation. Please contact me if you would like any more information and I would be happy to go over a few different options with you. ... more
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Thu Sep 22, 2011
Jason Stevens answered:
Newtove - I'm sure you will get all kinds of responses with this question but I would ask your loan offer what to do. By the sounds of it you will get approved for a mortgage even with the $25K in credit card debt. Here's my suggestion though which is based strictly on basic math. If the interest rate on your credit cards is higher than what your mortgage interest rate/APR is then I would pay of the credit cards first, then save up the needed funds for a larger downpayment if 90K isn't enough. Not sure the price point of the homes you would be considering but with 90K down you're looking at a $450,000 home to get 20% down. Sounds like a win win for you. ... more
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Fri Oct 2, 2009
Danilo Bogdanovic answered:
The only person that can answer the question of what interest rate you would get is a loan officer. And that's only after they've taken a look at your financial situation including liabilities, assets and credit score (among other things).

The average interest rate in the DC metro area tends to be at or just below the national average. But, once again, the rate you can get depends on your specific situation.

Check with your bank or a loan officer you know. If you need the name of a great loan officer that offers great rates and low closing costs, let me know and I'll give you their info.

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Wed Aug 26, 2009
Peggy James answered:

Chances are you wil not be able to refinance, unless of course you put a signifigant amount down when you purchased originially. So be prepared for your loan to convert to the fixed rate payment.
If that scares you to death and you are facing some financial challenges you can contact your lender and ask for some assistance.

Just keep in mind, that if you are financial able to make the payments, you just aren't happy with the $ amount then, more than likley you will need to ride this storm out.

Have you had a Realtor check that home value? Make sure you are working with the correct numbers before you make your final decission.
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Sun Jun 1, 2008
Lanna answered:
Sorry the 2nd line should say...previously we were looking in Maryland.
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