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Old 08-17-2013, 03:54 AM   #1241
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Go check out the new development in Rancho Mission Viejo (after Ladera on Antonio off of Ortega). I just went last weekend and there are some incredible condos about to go up. 11 new communities going up and I think 3-4 of them are condo developments. Only down side is commuting and getting to the freeway is going to be a living hell. I thought Ladera already ruined Oso/Crown Valley, but this new place is going to have a dramatic impact on traffic.
Thanks, I will keep that in mind when I go out there. I love the condos off Jamboree because it is obviously more convenient being close to the 405 freeway. I've gone past Ladera Ranch area quite often to do some runs on Ortega Highway in the Miata, and I can easily see how there can be a lot of traffic plus an inconvenience to get to the 5 freeway. I am still leaning towards the Irvine idea, but if I can get a bigger place for around the same price as an Irvine condo in Ladera Ranch / Rancho Mission Viejo I would rather go for the latter.
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Old 08-17-2013, 03:28 PM   #1242
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Thanks, I will keep that in mind when I go out there. I love the condos off Jamboree because it is obviously more convenient being close to the 405 freeway. I've gone past Ladera Ranch area quite often to do some runs on Ortega Highway in the Miata, and I can easily see how there can be a lot of traffic plus an inconvenience to get to the 5 freeway. I am still leaning towards the Irvine idea, but if I can get a bigger place for around the same price as an Irvine condo in Ladera Ranch / Rancho Mission Viejo I would rather go for the latter.
PM me when you ar ready to buy...
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Old 08-17-2013, 03:30 PM   #1243
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i'm going to use equity in one of my properties to remodel another property i'm in the process of buying. i'll likely only need $10-15k. what would be better, a cash-out refi, or a heloc? if it was a heloc, i would plan on paying it back within about 6-9 months.
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Old 08-17-2013, 05:19 PM   #1244
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i'm going to use equity in one of my properties to remodel another property i'm in the process of buying. i'll likely only need $10-15k. what would be better, a cash-out refi, or a heloc? if it was a heloc, i would plan on paying it back within about 6-9 months.
I would go heloc or hard money if only for that short of time and low cash amount
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Old 08-17-2013, 11:26 PM   #1245
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Ask a California Mortgage Broker anything?

I have no idea what interest rates are for helocs, I have read that they can be fixed rate or adjustable, but I have no idea what the interest rates are for helocs right now... I would imagine a fixed rate would have a higher rate.
Also, I wouldn't want to pay additional fees for an early payoff.


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Old 08-18-2013, 01:14 AM   #1246
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Re: Ask a California Mortgage Broker anything?

CAll your bank they will do them and price them out.. If you want private money let me know
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Old 08-18-2013, 01:41 AM   #1247
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I'd consider all options. Whatcha got?


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Old 08-18-2013, 03:26 AM   #1248
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I'd consider all options. Whatcha got?


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private money is about 8.99% interest only for whatever peiod of time. cannot exceed 75-80 % LTV
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Old 08-18-2013, 12:16 PM   #1249
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private money is about 8.99% interest only for whatever peiod of time. cannot exceed 75-80 % LTV
I have no idea what private money is... as opposed to government money?
Does my credit union qualify as private (or maybe corporate)?
It's offering me HELOC of 3.9% (for well qualified customers, which is my case).
Well, it was 3.9 several months ago. I haven't checked recently. Did it change that much?
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Old 08-18-2013, 04:27 PM   #1250
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I have no idea what private money is... as opposed to government money?
Does my credit union qualify as private (or maybe corporate)?
It's offering me HELOC of 3.9% (for well qualified customers, which is my case).
Well, it was 3.9 several months ago. I haven't checked recently. Did it change that much?
Private money is a private investor.banks are retai
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Old 08-21-2013, 11:45 AM   #1251
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i owe $80k on a condo worth approximately $150k (it hasn't been appraised yet). if i was to do a cash-out refi, the max i would be able to take out would be around $49k with a LTV of 70% right? is 70% about the limit?

i just started escrow with a bank for a property, but a much larger opportunity is presenting its self right now. i need to get my hands on about $90k. i have $20k liquid, plus the $49k in equity from my condo for a total of $69k.

i have might have around $40k in equity in my residence, but my interest rate is so low (3.25/fixed/30), i don't want to mess with it (or maybe a heloc?). a $20k heloc plus what i have above (if correct) would put me at $89k for this next opportunity. i would be spread thin and eating top ramen for a few months, but i'd be doing well after that.

i don't know what the above would do to my credit or debt to income ratio, but both of my cars are paid off, and i have no credit card debt. just normal household bills.

thoughts?
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Old 08-21-2013, 12:17 PM   #1252
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I could mostt likley do a hard oney loan for you. what time frame would you need to have the money? when coudl you pay it back? 3 months, 6 months, 30years?
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Old 08-21-2013, 12:18 PM   #1253
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Give me an $80,000 loan for 15 years
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Old 08-21-2013, 12:20 PM   #1254
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Give me an $80,000 loan for 15 years
what can you put up as colateral?
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Old 08-21-2013, 01:19 PM   #1255
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i'd be comfortable with paying back $80k in 5 years. what interest rate? how much collateral? properties? pre pay penalties?

what about taking out a $80k loan for a down payment on another property? isn't that a big no no?
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Old 08-21-2013, 01:30 PM   #1256
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the new place you are trying ot buy, are you trying to pay alll cash? what if you put down 30% and I gave you 70%?
If not I would recomment 2 helocs. One on your condo and 1 on your primary. you can get low rate helocs rigght now all the way up to like 90% LTV>
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Old 08-21-2013, 01:34 PM   #1257
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what can you put up as colateral?
anything from his mommies house
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Old 08-21-2013, 01:47 PM   #1258
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the new place you are trying ot buy, are you trying to pay alll cash? what if you put down 30% and I gave you 70%?
If not I would recomment 2 helocs. One on your condo and 1 on your primary. you can get low rate helocs rigght now all the way up to like 90% LTV>
i'm planning on a conventional loan (20% down) on a fourplex that costs $450k (asking). at the asking price, i'd still come out $2k on top each month after all costs.

i can't pay cash for a property yet, sh!t cost a lot down here.
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Old 08-21-2013, 01:59 PM   #1259
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i'm planning on a conventional loan (20% down) on a fourplex that costs $450k (asking). at the asking price, i'd still come out $2k on top each month after all costs.

i can't pay cash for a property yet, sh!t cost a lot down here.
i would recomend a heloc on both properties. Contact Usbank for a HELOC. they have some great programs and low rates they can go up to 90% LTV and get you all the money you need!
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Old 08-21-2013, 02:58 PM   #1260
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Griff, where can I find private money?


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