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Yolanda Said:

Investment Mortgage Loan Question: Cashflow is everything?

We Answered:

Something isn't closing properly on your math. Your loan for the 90% of the purchase price in Option #1 is at 6.875%. That part is ok, but on the second loan with 80% at 7% and 10% at 9.14%, the blended interest rate on that package is 7.24%. Your higher interest rate option has the lower payment which doesn't add up with the statement that the both loans on the second option are 30 year fixed.

The rates may be fixed for that long, but the 10% loan is likely an interest only where the principal isn't repaid. IF you are ok with that, go ahead, just make the realization that these two packages are not an apples-to-apples comparison.

good luck!

ps - the game for rental properties is almost always cash flow

EDIT - If you can find a lender willing to do the 90/10 and let you avoid PMI, then it seems like that is your best bet. Cash flow is king.

Cathy Said:

Will Obama's loan modification plan help me?

We Answered:

I hear, so remember this is third party information, but I hear there are so overwhelemed that people are leaving messages and it is taking some days for them to get back, but calls are being returned.

All you can do is try - if waste some time you are no worse off than before.

Katrina Said:

lenders or loan officers- please help!!!?

We Answered:

There is no way one can give you a accurate rate or amount of house you are qualified to purchase without running a credit check.

By you stating you have an excellent credit report and very good credit scores is not proof. The only proof is to actually run your credit report and have it in front of the mortgage broker or lender.

A pre-qualification is not accurate as the information you provide is not verified. You will be able to get limited information about the interest rate, the amount of property you are about to purchase and perhaps discuss a few of the mortgage progams you would be qualified for.

A pre-approval is the best way to go as there will be a credit report ran, income is verified and your mortgage application is approved by a lender that will actually make a mortgage for you.

There are many mortagage programs that might be available to you.Please don't lock yourself into one or two particular loans. You should have your mortgage broker discuss and explain each and every mortgage loan you are qualified for.

Then and only then are you able to make an intelligent decision based on your financial situation at the time.

Even if you are able to get information about the interest rate and other things about a possible mortgage things change. Programs change and the interest rate will definately change as interest rates change daily.

If an 80/20 or an 80/10/10 fit your bill and is still available when you are prepared to purchase your home then go for it, but make sure you understand each mortgage program you are qualified for.

About 60-90 days before you decide to purchase your home, see a mortgage broker and get pre-approved for a mortgage loan. This pre-approval will give you the exact mortgage programs you are qualified for to include the interest, amortization, the amount of house you are able to purchase.

I hope this has been of some use to you, good luck.

"FIGHT ON"

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