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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Does anyone own a rental property
I want to buy a home in Charlotte, but we are not ready to move yet. Bank said that it would be at a higher intrest rate since we will not be moving in immediately, does this sound right? TIA
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Posted 8/11/05 4:36 PM  |
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Prudential Douglas Elliman Real Estate
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bellarina
She's my dancing queen!
Member since 5/05 1752 total posts
Name:
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Re: Does anyone own a rental property
isn't that none of their business when you move in? Why would the interest rate change? I'd look into that!
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| Posted 8/12/05 7:53 AM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Does anyone own a rental property
thanks, I don't get it either, since we would only own the one home
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| Posted 8/12/05 10:00 AM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: Does anyone own a rental property
I'm not sure how the rate would matter. However, the tax implications would be different it was your primary residence or not.
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| Posted 8/12/05 10:21 AM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: Does anyone own a rental property
Investment properties (in other words not your MAIN residence) is mortgaged at a higher rate depending on what kind of mortgage you get. You may want to speak to a broker about mortgaging it as a second home - it will be at the lower rate, but you have to make sure there are No clauses in the mortgage about renting out the property.
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| Posted 8/12/05 10:22 AM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Does anyone own a rental property
thanks, it is tricky since we live with my parents right now.
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| Posted 8/12/05 10:26 AM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: Does anyone own a rental property
if you speak to a good mortgage broker and accountant they should be able to advise you on the best way to handle it.
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| Posted 8/12/05 11:20 AM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Does anyone own a rental property
thanks, I think we have to switch banks
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| Posted 8/12/05 11:43 AM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: Does anyone own a rental property
you might have more luck with a broker than a bank...simply becuase they have more options. I have a good broker if you want his info FM me.
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| Posted 8/12/05 12:15 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Does anyone own a rental property
We are looking into buying one, I heard the rate would be higher since it is not our primary residence. We own a house here, since you don't maybe you can get around that?
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| Posted 8/12/05 3:22 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Does anyone own a rental property
Posted by julz33
We are looking into buying one, I heard the rate would be higher since it is not our primary residence. We own a house here, since you don't maybe you can get around that?
that is what we are thinking..its not like we are building an empire, just want to buy a place before prices get higher. No sense in it sitting vacant until we are ready to move. I think we need a broker who is not going to ask so many questions..but in Charlotte, everyone seems so honest
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| Posted 8/12/05 3:26 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Does anyone own a rental property
When you get a loan from a bank for a property one of the criteria they look at is if the house is owner occupied or non-owner occupied. Interest rate just like insurance are partially based on statistics. So statistically people are more likely to default on a non owner occupied property. The upcharge for this to the rate could be anywhere from 50-150 basis points(.50-1.5%)
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| Posted 8/16/05 9:12 AM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Does anyone own a rental property
Posted by melijane
When you get a loan from a bank for a property one of the criteria they look at is if the house is owner occupied or non-owner occupied. Interest rate just like insurance are partially based on statistics. So statistically people are more likely to default on a non owner occupied property. The upcharge for this to the rate could be anywhere from 50-150 basis points(.50-1.5%)
thanks
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| Posted 8/16/05 9:13 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Does anyone own a rental property
we bought a house down in SC in Hilton Head Area and we are going it as a second home the only thing the bank tells u is that u need to live in it 14 days out of the year. Even though we don't own anything up here NY is still our Primary Residence. SO we only had to put down 5% which is nothing and the interest we did a interest only so we got it locked in for 270 days at 6 1/2%. The house should be built within in the next 4 months! I just came back from there this weekend and so much has happened which I'm so happy about. We are dealing with everyone down there banks builder etc.
Denise
Message edited 8/16/2005 9:44:54 AM.
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| Posted 8/16/05 9:44 AM |
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