Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
Multi Family Property Living
While most multi family properties are designed to allow the peaceful coexistence of many families within their separate units, some apartments and houses give you the feeling that you're actually living in one big family. Things like sharing one washer and dryer between five families means you never know whose underwear you'll have to fish out of the washer before you start your own laundry. And a shared water heater means that now there's an incentive to early morning classes. Catching the 'Cosby Show' every night at seven through your living room wall keeps you conveniently updated on the latest goings-on in the Huxtable home.
While living in multi family housing may not be an ideal situation for some tenants, it can be a way to wealth for the person collecting the rent. My own landlord, also currently a college student, manages several properties for his wealthy, out-of-state family, collecting a handsome property manager's fee in the process. Sure he had to evict the people upstairs, replace the roof, renovate the unit next door, and perform other sundry tasks, but at the end of the month, he's got another $2500 in the bank.
One time while he was fixing a clogged drain at our place I asked him how his family got to be so successful in the multi family investment property business. He told me that his family hadn't always been the housing barons they are today; after scraping together everything they had, even borrowing from extended family, they still had to take out a substantial loan from a local bank. With this they bought their first multi family property-an old duplex three blocks from the university. Although the location was great, being as close to campus as it was, the purchase had depleted the family's financial resources to the point were they had to move into the property while renting out the other half. From this experience, my landlord's family gained some useful insight into multi family apartment financing.
Several weeks later I had the opportunity to speak with my landlord's father, the owner of the property my wife and I were currently living in. While enquiring about his investment property business I learned a little about multi family investment property financing. According to him, most lenders will only provide financing for multi family dwellings of five units or more, with a minimum loan amount of $500,000. Apparently it isn't worth a lender's time to finance smaller investments.
Most multi family or apartment loans have a thirty-year term with interest rates ranging from 4.7% to 6.625% for loans up to $3 million. I learned that most of the time these "smaller loans" carry a little higher interest than loans exceeding $3 million and are termed as 'recourse' loans; in other words, if you default on the loan the lender may take 'recourse' by seizing your private assets. Loans in excess of $3 million are termed as 'non-recourse', meaning private assets are protected in the event of a borrower default. In addition, most lenders offer basic options like fixed and adjustable rate loans.
In the final analysis, the key to the success of this family in the multi family investment property market wasn't the way they quickly handled tenant complaints or provided decent amenities; these things merely kept them in business. The reason for their success was a thorough understanding of investment property financing gained from years of research, experience, and trial and error.
MORE RESOURCES updated Mon. March / 08 / 2021
Today's mortgage refinance rates — 30-year rates sit at the lowest seen in 13 days | March 5, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business
Today's mortgage and refinance rates: March 7, 2021 | Rates go down Business Insider
Can refinancing a mortgage hurt my credit score? Fox Business
Best mortgage refinance lenders in 2021 Bankrate.com
Best cash-out refinance lenders in 2021 Bankrate.com
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money - Q13 FOX (Seattle)
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money Q13 FOX (Seattle)
How to refinance an FHA loan | Mortgage Chase News & Stories
Mortgage Recast: How to Reamortize and Save Money Credible News
Can Closing Costs Change On The Closing Disclosure? The Mortgage Reports
2021 Maine first-time homebuyer assistance programs Bankrate.com
3 signs you should refinance your mortgage right now Fox Business
How do I get the most out of my mortgage refinance? Fox Business
Top 5 mortgage refinance questions answered Fox Business
How to decide if you should refinance your mortgage Fox Business
Pros and cons of a cash-out mortgage refinance Fox Business
How to refinance your mortgage Fox Business
Mortgage refinance: Everything you need to know Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now - Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business
What are the hidden costs of refinancing a mortgage? Fox Business
Who's exempt from the new mortgage refinance fee? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
How to refinance your mortgage in 5 easy steps Fox Business
Mortgage refinance applications soar despite a new fee that increases the cost - Pittsburgh Post-Gazette
Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette
Refinancing your mortgage? Don’t make this mistake Fox Business
4 ways to get lower mortgage refinance rates Fox Business
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing - Seattle Times
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing Seattle Times
The best mortgage refinance lenders of March 2021 Business Insider
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
5 reasons to refinance your mortgage right now HousingWire
How to Refinance Your Home | Home Lending Chase News & Stories
10 things to know before refinancing your mortgage Fox Business
3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool
Complete Checklist of Mortgage Refinancing Requirements Credible News
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender - Business Insider
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender Business Insider
Jumbo Mortgage Refinance Rates for March 2021 NextAdvisor
USDA Construction Loans | Buy Land & Build A Home With USDA The Mortgage Reports
How to get a low-cost mortgage refinance Bankrate.com