Multifamily loans are available to people looking to purchase a multi-family home on the Internet through many types of lenders who include banks, conduits, insurance companies, pension funds, private lenders, real estate investors and lending institutions, etc. Multifamily properties may include, apartments, mobile home parks and or dwelling places with two or more inhabitants. The inhabitants must have a private separate entrance and a separate living space. A multifamily loan, which includes properties with more than four units, are subject to commercial lending rules.
Lenders advertise various lending options with a wide range of terms. As a general rule a multifamily loan will have a slightly higher interest rate than a single-family. To qualify, individuals should go online and fill out a pre-qualifying application. Some lenders advertise same day approvals for pre-qualification, including interest rate and term options. After pre-qualifying, applicants will need to download documents from the lender to continue the process. Multifamily loans may take 30 to 45 days to close.
Before seeking this kind of lending, borrowers need to gather documents needed for the process. Standard documents needed by the lender may include, corporate papers, financial statements, recent appraisal, rent rolls, tax returns, survey, title policy for property and 3 months of bank statements. A multifamily loan lender will review documents; set rates and term options, as well as check the appraisal. Underwriting will review and issue conditions. Documents will be submitted to borrower along with a commitment letter to sign. After all documentation is approved and completed by both parties the contract will close.
Interest rates may vary depending on loan to value ratios and property quality. Closing fees may include standard costs, legal fees, title search fees and survey costs. Some multifamily loans may include options for "low doc" programs. These programs require less documentation, verification and overall paperwork. However this type of lending usually carries higher interest rates. Fixed rate lending will be stable but may be higher than an adjustable rate. Another option may include "hard money" lending. This type may be approved based upon the real estate equity alone, with higher fees and interest but shorter terms. Borrowers need to do a search online for multifamily loans and research all options, which will result in more profits. In the end, borrowers should be grateful for their new home and share it as a blessing from God. "And how I kept back nothing that was profitable unto you, but have shewed you, and have taught you publickly, and from house to house". (Acts 20:20)
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Friday, October 3, 2008
Multifamily Loan
Posted by Mr Tran at 10/03/2008 04:21:00 PM
Labels: Refinance Mortgage
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10/03/2008 04:21:00 PM
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