Curious what RATE
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Curious what RATE (by NED [AL]) Jun 1, 2023 6:37 AM
       Curious what RATE (by #22 [MO]) Jun 1, 2023 5:36 PM
       Curious what RATE (by Barb [MO]) Jun 1, 2023 6:56 PM
       Curious what RATE (by Jason [MI]) Jun 1, 2023 11:59 PM
       Curious what RATE (by Jim in O C [CA]) Jun 2, 2023 4:12 AM
       Curious what RATE (by don [PA]) Jun 2, 2023 4:11 PM
       Curious what RATE (by don [PA]) Jun 2, 2023 4:12 PM
       Curious what RATE (by Barb [MO]) Jun 2, 2023 5:34 PM
       Curious what RATE (by GKARL [PA]) Jun 2, 2023 9:20 PM
       Curious what RATE (by #22 [MO]) Jun 3, 2023 9:09 AM
       Curious what RATE (by ned [AL]) Jun 3, 2023 1:45 PM
       Curious what RATE (by Ray-N-Pa [PA]) Jun 4, 2023 9:05 PM
       Curious what RATE (by zero [IN]) Jun 5, 2023 7:01 PM
       Curious what RATE (by Ray-N-Pa [PA]) Jun 6, 2023 2:24 PM
       Curious what RATE (by Pmh [TX]) Jun 6, 2023 5:00 PM
       Curious what RATE (by zero [IN]) Jun 6, 2023 5:42 PM


Curious what RATE (by NED [AL]) Posted on: Jun 1, 2023 6:37 AM
Message:

Just curious what terms others are getting on basic residential rental loans for homes in the $25k-$200k range

.ie

Local bank

$400 loan fee,

$500 appraisal

$400 title opinion

20 year am

5 year lock, 7.5%

--74.132.x.xx




Curious what RATE (by #22 [MO]) Posted on: Jun 1, 2023 5:36 PM
Message:

Applied for loans recently. 20 years in the business, history with both banks.

Bank 1: 1 point fee, 8.75 fixed for 5 years, Appraisal, Title, 80% LTV

Bank 2: $750 fee per loan, 7.5 fixed for 5 years, appraisal,

title

These rates suck. I was getting $ at 3.3% 15 months ago. --23.126.xx.xxx




Curious what RATE (by Barb [MO]) Posted on: Jun 1, 2023 6:56 PM
Message:

Too high.

Iím paying off my loans and hoarding cash right now, not borrowing at all. --149.76.xxx.xx




Curious what RATE (by Jason [MI]) Posted on: Jun 1, 2023 11:59 PM
Message:

I just did 2 loans

300k

10 year fixed

6.5%

No prepay penalty

2100 total fee

I payoff quick

500k

Loc

3100k fees

8.75 %

Variable on prime

I agree rates are to high.. I stopped putting money stock market

An putting all money towards loans

--107.122.xxx.xx




Curious what RATE (by Jim in O C [CA]) Posted on: Jun 2, 2023 4:12 AM
Message:

Iím doing a $250 k HELOC against my personal home no fees and 7.75 % adjusted to prime rate. --99.23.xxx.x




Curious what RATE (by don [PA]) Posted on: Jun 2, 2023 4:11 PM
Message:

BARB---Paying off your loans or hoarding cash? they are opposite things, you cannot do both. --73.141.xxx.xxx




Curious what RATE (by don [PA]) Posted on: Jun 2, 2023 4:12 PM
Message:

My investment lenders are quoting me 7.5% for a 30 year investor loan, no income verification, 700+ credit. --73.141.xxx.xxx




Curious what RATE (by Barb [MO]) Posted on: Jun 2, 2023 5:34 PM
Message:

DonÖ I can do both.

Make payments, slightly accelerate payments on loans that have reset dates that are coming fairly soon so they get paid off before the rate changes upward. Make sure I can build up enough cash to cover 2-3 roofs, HVAC replacements, etc, and over that Iíll accelerate payoffs faster.

On the other hand, I am hoarding personal cash. I was getting ready to start a new home construction project for myself, but Iím hoarding cash instead. Iíll hopefully be able to build up enough cash to just pay for it in a couple of years. I need to build a wheelchair accessible home for myself for a few years from now, when the mid-spine tumor makes me a paraplegic. --149.76.xxx.xx




Curious what RATE (by GKARL [PA]) Posted on: Jun 2, 2023 9:20 PM
Message:

Barb, I pray that future is averted for you.

I locked down a 10 year commercial loan at 3.95 in 2021. I have another coming due in 2025 at 4.75. I will have amortized in down fairly well and have deep equity in the property. I won't take out any cash but will set up a HELOC which will avoid any charges unless I draw on it. My focus is on enhancing what I have. Not looking to buy until prices make sense. --209.122.xx.xxx




Curious what RATE (by #22 [MO]) Posted on: Jun 3, 2023 9:09 AM
Message:

Don, is your loan through a secondary market deal, like a fannie/freddie deal? If not, can you tell me who you're working with? --23.126.xx.xxx




Curious what RATE (by ned [AL]) Posted on: Jun 3, 2023 1:45 PM
Message:

I agree, Don, I'm curious, too.

I was lucky enough to do several deals at 4.5% locked in for 10 before rates got jacked.

But the only thing I have locked in for 30 is my personal home.... and an SBA EIDL loan. --107.77.xxx.xxx




Curious what RATE (by Ray-N-Pa [PA]) Posted on: Jun 4, 2023 9:05 PM
Message:

Local bank

$600 loan fee,

$1,650 appraisal

$700 title

20 year am

5 year lock, 7.5% with 6% floor on a small commercial warehouse. I believe the payment the bank quoted me was $850ish.

I am expected to close on this the end of this month, and have someone lined up to move in mid July after my next road trip. --24.101.xxx.xxx




Curious what RATE (by zero [IN]) Posted on: Jun 5, 2023 7:01 PM
Message:

Ray,

I was going to balk at the high appraisal until I saw it was commercial.

Those seem like good numbers.

Pretend for a minute I don't know what the meaning of 6% floor is. Just so others pick it up, because I do not know what it means. --107.147.xx.xxx




Curious what RATE (by Ray-N-Pa [PA]) Posted on: Jun 6, 2023 2:24 PM
Message:

That is the lowest possible rate that the loan will go to.

The bank has a small prepayment penalty of 1% of the original loan amount and that applies for the first five years.

Now in the past I played the reasoning game with them. Say the rates suddenly drop from 7.5% down to 4% at the reset period. The loan is written to drop only down to 6%. But if you explain to the bank, that they stand to lose the loan and more money in interest than the spread, they may change you a fee - typically the pre-payment penalty with this bank, and they manually adjust the loan to the market level.

I am not that excited about this rate, and I do have another CD coming do in about five months. I plan on dropping the CD on the loan principal cutting the loan down about 40%. So why do I do that instead of applying it to the next deal or just start out with a smaller loan? I want to take the amortization and tilt it so that the majority of my payments are going towards principal instead of interest.

I, like yourself am in a low cost area and this banker reminds me that he is authorized to approve me for a specific amount quarterly. The benefit of dealing with a small local bank, the VP hollers down the hallway to President of commercial lending and 90% of the deals get approved without loan board approval.

--24.101.xxx.xxx




Curious what RATE (by Pmh [TX]) Posted on: Jun 6, 2023 5:00 PM
Message:

Barb: why would you pay down low rate loans (?) --72.176.xxx.xxx




Curious what RATE (by zero [IN]) Posted on: Jun 6, 2023 5:42 PM
Message:

Thanks Ray, once again you are a wealth of knowledge.

My credit union was great at getting fast and easy money. Local, small and the branch manager understood how to do business.

He retired and it all went away. They started wanting me to jump thru more hoops than the one time buyers. Last loan I got with them I told them never mind. I felt that I was being treated unjustly and would take my loan elsewhere. Ten minutes later I got a call saying they would do it. I followed thru because I had already gotten the appraisal. That was the last loan thru them tho.

We have one other small (2 branch) bank in my area that is good to work with. They don't have an online presence and max their loans to 20 years for OO and 15 for me.

This is all residential. I have not followed thru with any commercial loans as of yet. Just individual resi loans per house. --107.147.xx.xxx





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