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33 hertz wrote:Got through this month with 5.1% at FCB for 80% of the land value. They are going as low as 4.6% depending on how well you meet the criteria. They also have the option to pay lump sums with three months notice once it's over 50K, with the option to renegotiate either the monthly premium or duration of the loan with no penalties.
scotty_buttons wrote:Anyone with advice/experience on purchasing income earning properties such as apartment buildings?
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10-01 wrote:scotty_buttons wrote:Anyone with advice/experience on purchasing income earning properties such as apartment buildings?
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i enquired already about an apartment building , they have to be classified it as either commercial or private property the rates will vary depending on what the property is classified as ... but commercial loans are given at shorter loan period and a bit higher interest rates ...
scotty_buttons wrote:10-01 wrote:scotty_buttons wrote:Anyone with advice/experience on purchasing income earning properties such as apartment buildings?
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i enquired already about an apartment building , they have to be classified it as either commercial or private property the rates will vary depending on what the property is classified as ... but commercial loans are given at shorter loan period and a bit higher interest rates ...
Makes sense. What about how much you'll be qualified for? Would financial institutions be more flexible if the monthly income alone can pay off the mortgage installments ?
For instance, if one can qualify for a 1.8-2mil mortgage for house and land, what's a safe ballpark figure to look for an apartment building?
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10-01 wrote:scotty_buttons wrote:10-01 wrote:scotty_buttons wrote:Anyone with advice/experience on purchasing income earning properties such as apartment buildings?
Sent from my iPhone using Tapatalk
i enquired already about an apartment building , they have to be classified it as either commercial or private property the rates will vary depending on what the property is classified as ... but commercial loans are given at shorter loan period and a bit higher interest rates ...
Makes sense. What about how much you'll be qualified for? Would financial institutions be more flexible if the monthly income alone can pay off the mortgage installments ?
For instance, if one can qualify for a 1.8-2mil mortgage for house and land, what's a safe ballpark figure to look for an apartment building?
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u will be qualified based on a # of things , age , monthly income , assets , loans , credit cards etc
what they will ask you is if the building has no tenants for a period of time how will you pay the mortgage , it wil be a plus to show the income of the building but i don't know if they will use the figure to grant u the loan ... i normally check it as $7000 per every million based on a 28 year mortgage , your figure may vary but check FCB website they have a simple mortgage calculator
shake d livin wake d dead wrote:TTMF the way to go^
5% for first time home owners
hong kong phooey wrote:Just asking
why spend all that money when you can just move in into a HDC house
if you need 10 "chirren " to rent for the newspaper article it could be easily organised.
dougla_boy wrote:check TTMF. They have something with the gov't for mortgages with real good rates. i briefly heard about it on the radio, but what i heard sounding real good compared to what u getting out there.
SmokeyGTi wrote:you're right with that 27K/ 1.4 mil thing.
Makes you wonder how much people really working for when you see them buy two storey houses for 2mil upwards..
and the simplest flat house going for an average 1.5 mil now...
lotto for it yes..
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