56: Investment Property Loans and Mortgage Closing Costs with Caeli Ridge
Released Nov 06, 2015
Learn today’s financing qualification requirements for investment property with Caeli Ridge, Owner and CEO of Ridge Lending Group. This pertains to conventional financing of: single family homes, duplexes, triplexes and four-plexes that you do not intend to occupy. Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Maverick turnkey RE webinar opportunities. Listen to this week’s show and learn:
00:52 If you want to control more property, you need good loans.
04:50 Compared to last year, are borrower requirements more rigid or more lax?
07:39 Your credit score, debt-to-income ratio, percent down payment, reserve requirement.
12:46 Qualifying for your first 4 properties is different from your 5th through 10th financed properties.
15:47 Qualifying for your 11th through 35th financed properties.
17:13 Can foreign buyers qualify? Also, LIBOR comments.
19:28 Maximizing your cash-on-cash return when structuring a financed offer.
21:21 Buying income property outside the state where you reside.
22:44 Minimum loan amount is $50,000 to $60,000.
26:10 What is a Good Faith Estimate?
27:58 Closing costs – what are they and where do they all come from?
30:58 Why you would want to pay a 2% Origination Fee rather than 1%. It’s by paying 1 Discount Point to “buy down” your interest rate.
32:55 Recording costs, transfer taxes, escrow charges, appraisal fees, processing fees.
36:02 Title Insurance