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Interest rate (some) good news from one of our lenders

Posted by Powered by Simply Do It on May 13, 2022
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I want to wrap the weekend with some better news . . . 


One of our lenders, had informed us of the following available program.


Let us know if you have questions about this program and if you need to connect with her regarding it. 

 

This program may be relevant for refinance BUT it can’t be a cash-out refinance.


 

7 years adjustable*

Current Rate: 4.5% – 4.75%**

Main Qualifying parameters

Qualifying states: TX, MO, KS. As for TN – waiting for a confirmation.  (other states available too) 

 


For 25% down-payment

SFH or duplex (not 3-plex or 4-plex)

Borrower has NO more than 2 mortgages – the property purchased is the 1st or 2nd mortgage the borrower has

720+ credit score

 


If the property purchased is the 3rd or 4th mortgage

30% down-payment

SFH or duplex (not 3-plex or 4-plex)

740+ credit score


 

If the property purchased is the 5th or 6th mortgage

35% down payment

SFR or duplex

740+ credit score

 


Relevant for US based investors only 

 

* After 7 years, rate adjusts each 6 months based on SOFR (secured overnight financing rate) plus a 3% margin.  

Caps are 5/1/5, meaning the first adjustment could be as much as 5%, then each 6 months there is a 1% max adjustment with a 5% life cap over the start rate.


* Rate is based on current/today's market conditions Current index is .399 plus 3% puts the adjusted rate currently at 3.399 


If you open a saving account with the bank and deposit the following amount, an additional discount on your rate will be applied:

$200,000 – 0.125%

$500,000 –  0.25%

$1MM – 0.5% 




All the best and have a great weekend,
Dani

Dani Beit-Or
Simply Do It Investing
Tampa | Houston | Dallas | Nashville | St Louis | Kansas City | Birmingham | Chattanooga



Podcast: Guided Real Estate Investing by Simply Do It  anchor.fm/simplydoit

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