Money Terms (by #22 [MO]) Jan 8, 2018 8:27 PM|
Money Terms (by S i d [MO]) Jan 9, 2018 6:00 AM
Money Terms (by Dave [MO]) Jan 9, 2018 6:16 AM
Money Terms (by BRAD 20,000 [IN]) Jan 11, 2018 11:56 AM
Money Terms (by Chris [CT]) Jan 11, 2018 1:18 PM
Money Terms (by #22 [MO]) Posted on: Jan 8, 2018 8:27 PM
Curious to see what people are seeing on money rates and terms?
Talking standard, vanilla rental property, 80% ltv non owner occ with good credit.
Regionally I've been quoted 4.4% fixed for 5 with another 5 after adjustable. Seems higher than I'd like it to be. 25yr am. No points, but I'd have to pony up for appraisals.
Last January, I closed on money at 3.5% fixed for 5 years w/ 5 adjustable after the 1st 5 and my stud banker (no longer in banking) got his bank to pay for the appraisals!
Money Terms (by S i d [MO]) Posted on: Jan 9, 2018 6:00 AM
I'm in your area and have done a few refi's in the past 1-2 years. Similar terms to what you stated, except I went with 15 or 20 year terms, fixed for 5 years, no balloon, rate caps out at 10%.
4.5% APR, no points, and about a $100 (one hundred) origination fee is what I got. These are smaller loans though, so I'm taking a bit of a hit on interest. For the projects like you usually do, I bet you could get 4 - 4.25%. Not sure on the balloons. I avoid those. --173.19.xx.xxx
Money Terms (by Dave [MO]) Posted on: Jan 9, 2018 6:16 AM
I spoke to 3 banks over the phone last week and here are their rates.
Bank 1) 4.35% fixed for 5yrs. amortize over 15yrs. w/75% LTV. Windshield app.
Bank 2) 5.5% fixed for 15, 15yr. am w/80% LTV
Bank 3) 5.75 fixed for 15, 15 yr. am w/80%LTV
Loans made a few years ago, where prime, 3.5% and they adjusted with prime. --72.24.xx.xx
Money Terms (by BRAD 20,000 [IN]) Posted on: Jan 11, 2018 11:56 AM
Can't resist. Here are some "money terms":
MIF - Money In Fist
MIW - Money In Wallet
MIP - Money in Purse (female version)
Those terms sound pretty good (I was borrowing at 13% back when!) but nothing beats the cashflow of no-debt real estate!
Money Terms (by Chris [CT]) Posted on: Jan 11, 2018 1:18 PM
I'm at 5 and 5.25 on mine with similar terms. I am talking to a couple banks about refinancing and I am getting numbers from 4.5 to 6.
Since commercial mortgages are pretty expensive to refi I think I'm just going to sit tight, I'm already almost 5 years in on a 25. --24.45.xxx.xx