I am applying for a 30 year fixed mortgage for an investment condo--what rate could i carry?
This is an investment condo in Boston--sale price is $125000--I am putting 25% down. No points. I enjoy excellent credit. Would be interested in knowing 30 year and 15 year fixed rates. Thank you.
Answers:
For full income documentation, Fannie Mae approved lo-rise condo, you can expect to take-home pay around 6.625% on a 30 year fixed next to 1 point origination, or 7% beside no origination. For a 15 year, the rate would be around 6.5% next to 1 point, or 6.875% next to no points.
If this is investment property that you plan to maintain for 5 years or more, you would be better bad paying the origination allowance of 1%. Not lone is it a export tax write-off (which you can other use on investment properties), but you'll clear more surrounded by interest than $937.50 (1% origination) over the residence of the loan.
Nobody does a loan for free - NOBODY. The lender is any making their money in the rate, or upfront in fees - that's the bottom smudge. Might as very well pay envelope them their money up front, so that you're not paying for it for the subsequent 30 years.
You won't be capable of win away from points on my rate sheet. 30 yr = 7.375% plus 1 point; 15 yr = 7% plus 1.5 points
It depends if it's a brand hot condo or not.
If it's brand contemporary later we inevitability to know if it's a non-warrantable condo OR is it Fannie Mae Approved.
Is it large rise or low rise?
7.25% near no points on 30yr fixed
and the rate is worse on a 15yrs fixed.
check beside several lenders see what they will do for you near 25% down they should hop on thier desks for your loan!
6.5 -6.625 nothing points 30 year fixed
6.25%-6.375% 15 year not anything points
Rate enjoy come down lately, and you can receive this done minus origination fees. You a short time ago want a trustworthy lender to work next to.
You shouldn't hold to income more than 6.5-6.75%. 15 year fixed save hugely little right presently, 6.25-6.5%.
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Answers:
For full income documentation, Fannie Mae approved lo-rise condo, you can expect to take-home pay around 6.625% on a 30 year fixed next to 1 point origination, or 7% beside no origination. For a 15 year, the rate would be around 6.5% next to 1 point, or 6.875% next to no points.
If this is investment property that you plan to maintain for 5 years or more, you would be better bad paying the origination allowance of 1%. Not lone is it a export tax write-off (which you can other use on investment properties), but you'll clear more surrounded by interest than $937.50 (1% origination) over the residence of the loan.
Nobody does a loan for free - NOBODY. The lender is any making their money in the rate, or upfront in fees - that's the bottom smudge. Might as very well pay envelope them their money up front, so that you're not paying for it for the subsequent 30 years.
You won't be capable of win away from points on my rate sheet. 30 yr = 7.375% plus 1 point; 15 yr = 7% plus 1.5 points
It depends if it's a brand hot condo or not.
If it's brand contemporary later we inevitability to know if it's a non-warrantable condo OR is it Fannie Mae Approved.
Is it large rise or low rise?
7.25% near no points on 30yr fixed
and the rate is worse on a 15yrs fixed.
check beside several lenders see what they will do for you near 25% down they should hop on thier desks for your loan!
6.5 -6.625 nothing points 30 year fixed
6.25%-6.375% 15 year not anything points
Rate enjoy come down lately, and you can receive this done minus origination fees. You a short time ago want a trustworthy lender to work next to.
You shouldn't hold to income more than 6.5-6.75%. 15 year fixed save hugely little right presently, 6.25-6.5%.