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Originally Posted by Cynthetiq
thanks nosoup... interesting to know that there's this extra bit. I'm trying to buy an investment property now hopefully using the equity in one property to pay the downpayment of the new one.
we'll see just how the numbers work, right now it's a bit underwater about $150/mo, but with a little change here or there, maybe we can make it $50 positive.
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It's not necessarily just a little extra bit - the rate sheets can vary quite a bit anywhere from 90% - 108% Additonally, you can ask for a custom quote from the banks for pretty much anything - although, of course, there is a point where it's no longer in the best interest of the borrower to buy them down - a quick example would be getting a $100,000 loan at a rate of 1.00% - but it would probably cost $85,000 to buy it down that far...
Where is your next property going to be? If I remember correctly, your first one is in Vegas...