Quote:
Originally Posted by King mode
The rate diff is usually 1-2% in my experience. The moving every 18 months does suck but in long run worth it. I believe my next buy will have to be considered investment whether I live there or not due to a current 4 Mortage limit for owner occupant rates (so I guess I won't have to move on the next purchase).
The homes I have bought have been between 100k and 215k. I have top credit and earn six figures, I have not had problems thus far getting financing. I also have various assets both liquid and stock which helps. Lenders take into account cash-flow on current mortgaged properties, Income, assets, "net worth", .....
Also keep in mind many people purchase with FHA financing thus only need 3% down so nearly 100% debt. I don't think you can purchase multiple properties FHA though.
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Gotcha, I just signed the loan docs on mine today actually for refinance. Had trouble to begin with because I was self employed with loan so had to have my gf on loan with me for a year. Dropped it from 5% to 3.1%, also went from 30yr fha, to 15 year conventional. Basically kept same payment. Had it appraised for 15k more then i purchased for, and paid about $20k out of pocket to drop it down so I dont have to have any mortgage insurance. I hate paying something that doesnt go towards "anything"
I was debating on taking the money and putting it in a different property instead, not sure If i really could have to begin with though so decided to go this route and try to build up equity in this home and get it paid for as soon as possible. next step is to save up again and try to get an investment property as well nothing better then someone else paying your mortgage