Does This Look Okay?

Comments(8)

• 
  2000rock1st August, 2003

  alexlev,
  
  Looks OK to me...BUT why not ask for an owner second for 10% of the balance...
  
  90/10 loan????
  
  ....as always,
  
  
  GoodInvesting, Rocky

• 
  rajwarrior1st August, 2003

  The interest rate is tied to alot of factors: your income, debt-to-income, credit rating, type of loan, and loan amount all may play a part in the cost of the loan.
  
  So it may or may not be out of line depending.
  
  Roger

• 
  aopvending2nd August, 2003

  looks okay but the person above has a great point you getting two propertys and might be struggling on the debt to income ratio

• 
  CDPOOL2nd August, 2003

  You may be able to get a significantly lower interest rate and LTV. Send me a private message if interested.

• 
  InActive_Account2nd August, 2003

  Rates have been jumping the last few weeks.

• 
  Ruman2nd August, 2003

  I got a 5-1 ARM last week for 4%, capping at 9%. I didn't think that was too bad since it's my first home every bought(personal home) and hopefully in five years i'll be able to afford much more.
  
  Quote:
  On 2003-07-31 06:26, alexlev wrote:
  I'm looking to purchase two 4-unit properties in the northeast. Am being offered two 30-year fixed rate mortgages for 90%LTV at 7.625%. Does this look okay? Maybe I was just kidding myself, but I was expecting the interest rate to be about a point lower. <IMG SRC="images/forum/smilies/icon_rolleyes.gif">

• 
  hibby762nd August, 2003

  If it's non owner occupied, that sounds like a decent rate. If it's owner occupied, keep looking. I think you can find better.

• 
  alexlev3rd August, 2003

  Thanks for your replies everyone. This is going to be a non-owner occupied property. I've spoken with the mortgage broker and they confirmed that this interest rate was sort of worst case scenario, and that the real interest rate could be as low as 7.25. Hopefully this will all go forward and it'll be one more great investment.