Jump to content

Sign in to follow this  

Investment Property

Recommended Posts

My close friend found an investment property that she would like to purchase. The property is listed at $60,000. She has enough for a 10% down payment and closing costs. She has appox. $26,000 in various retirement and savings accounts to use as reserves. Monthly income from all sources is $2400. Her scores according to the broker are706, 721 and 751. She received a quote from a local broker for a fixed 30 yr NOO mortgage at 7.875% with 0.75 discount points , 1 point origination and no PPP. This will be her first investment property. Is this a fair deal?

Share this post

Link to post
Share on other sites

It's not great, but for such a small loan amount it's expected from a broker as banks are more competitive for lower (under $100k) loan amounts. Did she speak to who she banks with?

Share this post

Link to post
Share on other sites

That does not sound bad. Interest on loans under $100K are higher. You should check your credit unions locally. Or she can try Penfed. On a $60K loan with them NOO we have 6.25% with a 720 score

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Today's Birthdays

  • Member Statistics

    • Total Members
    • Most Online

    Newest Member

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
  • Create New...

Important Information