U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-24-2013, 12:01 PM
 
1 posts, read 826 times
Reputation: 10

Advertisements

Hello everyone,

My wife and I are looking for some feedback. Our question is, what can we expect from the bank. We are using Monson Savings Bank, a local bank that has the lowest rates in the area. My wife has her current mortgage under them (& soon to be Refi), and I previously had a 2nd mortgage with them which paid off. So we have a history with them.

She has a closing date for a Refi on 3/29/13 (going from a 30yr @5.25% to a 15yr @2.56%). I am not on the deed. We are signing a purchase and sales agreement on 3/25/13 for a two family investment property with a sale price of $116,000 and a 60 day closing. We will be applying for a 15yr @2.56% throwing down 25% for a down payment. Both of us will be on the deed. The property has a potential CAP rate of 12.75% and a potential annual CASH FLOW BEFORE TAXED of $10,320 (both are with conservative calculations).

I have a TransUnion credit score of 747 and her score is 759. We have a combined gross income of $108,000. We both have favorable debt to income ratios since we live within out means.

She has owned her home for just short of 4yrs and has been employed by the same company for 7yrs and 8months.

I had previously owned a rental property from 2009-2012 which I sold to cash out. I do not currently own any homes.

I have just started working for a new company, a municipality, (only weeks) but have been in the same industry for 4yrs.

If I missed anything just let me know. Thanks in advance.
Rate this post positively Reply With Quote Quick reply to this message

Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top