Posted on: 02nd Apr, 2009 09:04 am
i was given a interest quote of 4.75% for a refinance of my 3 unit building. the mortgage company said there was a 1 point charge for 3 unit buildings and a 1.75 point charge for investment property. i live in one of the units and rent out the other two. is there any way to get them to not consider this investment property. if i qualify for the loan without them considering the rents could i get around the 1.75 point charge for investment property?
your score affords you the best of rates - if they tell you there are add-ons for that, you need to raise a ruckus again.
i'm gratified that you've been able to eliminate that 1.75 add-on. it never should have entered the discussion to begin with.
i'm gratified that you've been able to eliminate that 1.75 add-on. it never should have entered the discussion to begin with.
Thanks for all the help with this. Finally lock in my rate for my refi. 30 fixed at 4.75% with 1 point for a 3 unit building so I added the 1 point onto the rate and locked in at 5% with no points. My current loan was at 7.25% so I'll be saving $1100 a month!!!! Thanks for all the info it was greatly appreciated.
Hi biggdeebee,
It's great to hear that you would be saving $1100 a month. :) Congratulations!!!
Feel free to post if you have further queries regarding mortgage or other financial issues. The members/experts participating here will try to answer your query.
It's great to hear that you would be saving $1100 a month. :) Congratulations!!!
Feel free to post if you have further queries regarding mortgage or other financial issues. The members/experts participating here will try to answer your query.
Thats really a good savings and glad you are able to finance at a good rate.
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