Tough Question
I am using no income verification stated income to get a mortgage loan. My friend works at the company and has gotten my 100% financing. The only problem is that my intrest rates are going to higher. Around the 7% Range. This sucks because at these intrest payments its tough to rent out because I have a bigger mortgage payment than what local rents go for. I have heard of buying points off your mortgage. I was going to ask my sister to buy 2 points off my mortgagein exchange ill give her 5% ownership of the property. DOES ANYONE KNOW ANY ADDITIONAL IMFORMATION OF POINTS OR ANY OTHER WAY TO SHAVE INTREST OFF MY MORTGAGE????
100% financing with no points at only 7% APR on a NOO loan is outstanding.
Your looking to do better then this!!! Good Luck!
I recenlty paid 1.5 points to get 100% financing with no PMI on a NOO loan. This loan was at 8% APR fixed for 30 years. I feel like I got a great deal on the financing. Your offer looks even better - take it while you still can.
my was 8,and owner occ w/5%dp,enjoy your 7
ralphes12,
You truly have a great deal; the issue looks like you may have not evaluated the rental market before purchase!
You may consider an exchange to offset loss or to effect profit.
How can I contact your friend. I'd like some of those "crappy" deals.
I just got a 90 percent ltv at 7.4 percent stated income. so yes I to think your doing pretty good.